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After receiving a confidential tip that the Heinz deal was looming, the agency said, he alerted his brother.
The S.E.C. said that the confidential tip led Mr. McGee to buy shares in Philadelphia Consolidated and then leak news of the pending deal to Mr. Zirinsky, his Ameriprise colleague.
Nassau County Detective Lt. Dennis Farrell said the five people, who are in their late teens and early 20's and live in Freeport, were picked up one by one Wednesday night and Thursday morning after officers had followed up on a confidential tip and interviewed one of the suspects, who was being held by U.S. marshals on an unrelated charge.
Science's correspondent investigates a confidential tip that fraudsters are snatching internet domains from right under the noses of academic publishers.
Confidential tip line: FinanceTips[at]oath[.com].
A warrant eventually arrived, but it failed to mention any interaction beyond that initial confidential tip.
Similar(50)
Mr. Skowron was leaked confidential tips about a drug trial by Yves M. Benhamou, a French doctor, who accepted envelopes stuffed with cash for the information.
In the Apple world, confidential tips about identifying bugs fetch around $5,000 apiece compared with $50,000 or more in the Windows realm.
Another important question raised through the day's testimony was whether Mr. Rajaratnam paid Mr. Kumar more than $1 million for legitimate work at the Galleon Group or for his confidential tips.
All of the accused also face civil charges by the Securities and Exchange Commission over accusations that they made tens of millions of dollars in illegal profits by trading on confidential tips ahead of mergers and acquisitions from about 2003 to last year.
MICHAEL J. de la MERCED GUILTY PLEA A trader implicated in a 17-year scheme pleaded guilty on Thursday to receiving confidential tips about company takeovers from a lawyer who worked at some of the nation's most prestigious law firms.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com