Companies would expect their investment firm, especially management and Senior members, to not only dissuade insider trading, but to lead by example. Here's a complete failure.
Case in point Mr. Michael Anthony Dupre Lucarelli. The Director of Market Intelligence at a Manhattan-based investor relations firm. Market Intelligence? Serious oxymoron going on there? Maybe not an oxymoron such as "honest politician" or "almost pregnant" but snake in the grass, no doubt (allegedly).
Today the SEC charged the "Director" of insider trading by more than a dozen clients. The charges were filed against Mr. Lucarelli alleging he garnered nearly $1 million in illicit profits.
An SEC investigation and ongoing forensic analysis of Lucarelli’s work computers uncovered that he repeatedly accessed clients’ draft press releases stored on his firm’s computer network prior to public announcements. The SEC alleges that Lucarelli, who had no legitimate work-related reason to access the draft press r
