The SEC brought insider trading charges against seven individuals who
allegedly created millions of dollars in profits by trading on
confidential information about impending mergers and acquisitions.
The SEC's enforcement staff uncovered the illicit trading using
data analysis, despite the traders' alleged use of shell
companies, code words and an encrypted, self-destructing messaging
application to evade detection. The U.S. Attorney's Office for
the Southern District of New York also unsealed criminal charges
against the individuals in a parallel action.
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