Two US Securities and Exchange Commission employees are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, reports Reuters. A report by the SEC’s internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, according to CBS News. The SEC said one SEC attorney under investigation works in the Office of the SEC’s Chief Counsel and has access to a tremendous amount of nonpublic information.

This entry was posted by Gwen Robinson on Friday, May 15th, 2009 at 4:40 and is filed under Capital markets. Tagged with sec. Edit this entry.