09.25.07
Insider Trading of Lingerie
Joseph P. Keeney, you should be ashamed! The consultant bought stock in Movie Star Inc. (MSI: $0.00 N/A, market cap: $N/A) while it was in merger talks with Frederick’s of Hollywood. That is called insider trading. The SEC ordered him to pay back $80k in profits and a penalty equal to the profits he illicitly made.
Maybe it is just me, but I find it hard to believe that insider trading, where a large number of people receive a very small harm (slightly higher prices for buying the stock), deserves more severe punishment than penny stock pump and dump scams, that often dupe susceptible people out of their life savings.
Disclosure: I own shares of MSI. I have a disclosure policy that can often be found wearing revealing lingerie.