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| {{short description|Insider trading scheme from 2004 to 2005}} | |||
| '''Eugene M. Plotkin''', formerly a research analyst at ], was convicted of insider trading, and sentenced on January 4, 2008 to 57 months in jail.<ref>, ], Ben White, January 5, 2008, accessed January 6, 2008</ref><ref name="NYTimes11908">{{cite news | last = de la Merced | first = Michael J. | title =Leader of Insider Trading Scheme Free After 2 Years | work =] | date =January 19, 2008 | url =http://www.nytimes.com/2008/01/19/business/19insider.html | accessdate =February 29, 2012 }}</ref> He was ordered to pay a $10,000 fine and to forfeit up to $6.7 million, the amount of the scheme's illegal profits. Plotkin pleaded guilty to conspiracy to commit securities fraud and eight counts of ]. The efforts were described in 2008 as "one of the broadest insider-trading conspiracies in years".<ref name="nytimes.com"> New York Times January 4, 2008</ref> Plotkin and his co-conspirator, David Pajcin, hired a plant who would deliver information from early views of Business Week before the information in the issues went public, paid an analyst for information on upcoming takeovers<ref> BBC Jan 4 2008</ref> and used the information to trade on multiple accounts, including those set up on behalf of family members.<ref name="nytimes.com"/> | |||
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| The '''Reebok insider trading case''' was an ] scheme that took place in 2004 and 2005 and involved tips from a ] investment banker, confidential information from ] and a grand juror, and trades by individuals in both the United States and Europe.<ref>{{cite web|url=https://www.sec.gov/news/press/2006/2006-53.htm|title=SEC Complaint Charges International Insider Trading Ring, Including Personnel at Goldman Sachs and Merrill Lynch|author=Press Release|date=11 April 2006|publisher=]|accessdate=27 February 2012|location=Washington, DC}}</ref><ref name=Bmovieplot>{{cite news|last=Anderson|first=Jenny|title=An Insider-Trading Case With a B-Movie Plot |url=https://www.nytimes.com/2006/04/30/business/yourmoney/30traders.html?pagewanted=all&_r=1&|accessdate=July 14, 2013|newspaper=] |date=April 30, 2006|author2=Michael De La Merced}}.</ref> The trades were largely orchestrated by David Pajčin, an ex-Goldman Sachs trader who was subsequently ordered to pay nearly $28 million in fines and judgments by the SEC.<ref>{{cite news|last=Stempel| first=Jonathan | title=Ex-Goldman Analyst Who Fled Must Pay $27.8 Mln|work=]|date =June 3, 2010 | url = https://www.reuters.com/article/goldman-insidertrading-idUSN0322550620100603 | accessdate=April 13, 2013 }}</ref> | |||
| ==Background== | ==Background== | ||
| David Pajčin was a Croatian trader who met Eugene Plotkin when both were employees of the investment bank ].<ref>{{cite news|last=Gimbel | first = Barney | title =Partners in Crime | work =] | date =October 4, 2006 | url = https://money.cnn.com/magazines/fortune/fortune_archive/2006/10/02/8387505/index.htm?postversion=2006092214 | accessdate =April 13, 2013 }}</ref> In 2004, Plotkin introduced Pajčin to his friend Stanislav Shpigelman, a ] investment banker, at a Russian day spa in lower Manhattan.<ref>{{cite news|last=Masters | first = Brooke | title =3 Accused of Running Big Inside Trading Scheme | newspaper =] | date =April 12, 2006 | url = https://www.washingtonpost.com/wp-dyn/content/article/2006/04/11/AR2006041101818.html | accessdate =April 13, 2013 }}</ref> Pajčin knew Jason Smith, a postal worker, from high school and was romantically involved with Monika Vujovic, also a Croatian immigrant who worked as an exotic dancer.<ref>{{cite news|last=Farrell | first = Greg | title =Juror Accused of Inside Trading | work =] | date =May 11, 2006 | url = http://usatoday30.usatoday.com/money/markets/us/2006-05-11-insider-trading-usat_x.htm | accessdate =April 13, 2013 }}</ref> | |||
| ==Schemes== | |||
| Plotkin, born in ], is a Russian immigrant to the United States.<ref name="NYO">Anna Schneider-Mayerson, , '']'', April 24, 2006.</ref> He spent a year at the ]. and transferred to ] at the beginning of his sophomore year,<ref name="NYO"/> living in ]<ref>Claire M. Guehenno, , '']'', September 2, 2007.</ref> and concentrating in economics.<ref name="NYO"/> Plotkin became heavily involved in ], which he continued after graduation, both competing under the name "Gene Michael" (achieving a couples ranking of 49 at DanceSportInfo.net) and giving lessons.<ref name="NYO"/> In 2003, he directed and starred in a low-budget ] film entitled ''One Way'' or ''Blindside''. In the movie, which was not distributed, Plotkin plays a successful Wall Street banker who is framed for theft.<ref name="NYT2006">Jenny Anderson & Michael J. de la Merced, , '']'', April 30, 2006.</ref> | |||
| Shpigelman provided Pajčin and Plotkin with tips on upcoming mergers and acquisitions in return for payoffs.<ref>{{cite news|last=Siegel | first = Aaron | title =Analyst Flattered, Intimidated Into Plot | work =] | date =February 27, 2007 | url = http://www.investmentnews.com/article/20070227/REG/70227017/0/FRONTPAGE# | accessdate =April 13, 2013 }}</ref> The largest trades that netted the vast majority of the case's profits stemmed from a single tip from Shpigelman about the upcoming acquisition of Reebok by Adidas-Salomon AG. | |||
| In addition to trading on tips from Shpigelman, Pajčin also traded on confidential information from Jason Smith, his high school friend, who was serving on a grand jury,<ref>{{cite news|title=Postal Worker Charged in Trading Scam|date=February 11, 2009}}</ref> and on non-public information from advance copies of Business Week provided by warehouse workers Nickolaus Shuster and Juan Renteria, who were paid by Pajčin and Plotkin for that information.<ref>{{cite news|last=Anderson | first = Jenny | title =2 Wall Street Employees Charged With Insider Trading | work =] | date =April 12, 2006 | url = https://www.nytimes.com/2006/04/12/business/12inside.html | accessdate =April 13, 2013 }}</ref> | |||
| ==Insider trading== | |||
| Plotkin worked with ], a former employee of Goldman Sachs, who has cooperated with the prosecution. The prosecution began after regulators noticed unusually high trading volume before a merger announcement and discovered that Pajčin's aunt had made more than $2 million. | |||
| Pajčin placed trades in his own account and in the accounts of his aunt, Sonja Antičević, and his girlfriend, Monika Vujovic, based on these tips. In addition, a number of other individuals, most of them Croatian nationals, placed trades based on tips received by Pajčin and Plotkin from their inside sources.<ref>{{cite news|last=Anderson | first = Jenny | title =Seamstress Clue Unravelled $9M Wall Street Fraud | work =] | date =April 15, 2006 | url = http://www.smh.com.au/news/business/seamstress-clue-unravelled-9m-wall-street-fraud/2006/04/14/1144521506714.html | accessdate =April 13, 2013 }}</ref> | |||
| Sonja Antičević, a 63 year old retired tailor from ], ] who was living on a pension of about $263 a month and occasionally worked as a cleaning lady, was at first accused by the ] of buying $130,000 of ] call options in the 2 days before Reebok was taken over by ] AG. She told the Associated Press that she "never bought a stock and I have no idea how that works." 8,675 Reebok options were traded on those two days, more than 50 times the usual amount. The SEC investigation was prompted by the timing of the unusual volume.<ref></ref><ref></ref><ref>The Wall Street Journal, 8/08/05, p. C3, “SEC Wins Court Order in Case Prompted by Reebok Call Trades.”</ref> | |||
| ==Investigation== | |||
| As alleged in the complaint, in one scheme, Plotkin and Pajčin persuaded a ] analyst at ] to provide tips on upcoming mergers in return for a share of the trading profits. In another scheme, Plotkin and Pajčin recruited two individuals to obtain jobs at a ] plant in ], where ] is printed for distribution in the northern United States. Those workers would acquire advance copies hot off the press and tip Plotkin and Pajčin on the names of companies discussed favorably in the “Inside Wall Street” column before the magazine became public.<ref>{{cite web|url=http://www.sec.gov/news/press/2006/2006-53.htm|title=SEC Complaint Charges International Insider Trading Ring, Including Personnel at Goldman Sachs and Merrill Lynch|coauthors=Press Release|date=11 April 2006|publisher=]|accessdate=27 February 2012|location=Washington, DC}}</ref><ref>{{cite web|url=http://articles.marketwatch.com/2006-04-11/news/30799435_1_insider-trading-stanislav-shpigelman-unusual-trading-activity|title=Feds charge three with insider trading; Group worked with M&A bankers, used stolen magazines|coauthors=Steve Gelsi & David Weidner|date=11 April 2006|publisher=]|accessdate=27 February 2012}}</ref> A grand juror allegedly passed illegal tips in another part of the scam. | |||
| The investigation of Pajčin began after regulators at the U.S. Securities and Exchange Commission noticed suspicious timing and unusually high trading volume before a corporate acquisition announcement. Pajčin's aunt, Sonja Antičević, a 63-year-old retired tailor from Omiš, Croatia who was living on a pension of about $263 a month and occasionally working as a cleaning lady, was found to have bought $130,000 of Reebok call options in the 2 days before Reebok was taken over by Adidas-Salomon AG and captured a profit of more than $2 million on that investment. She subsequently told reporters that she "never bought a stock" and had "no idea how that works."<ref>{{cite news|last=Abelson| first=Jenn | title=US Freezes Reebok Investor's $2M Profit|work=]|date =August 6, 2005 | url = http://www.boston.com/business/articles/2005/08/06/us_freezes_reebok_investors_2m_profit/ | accessdate =April 13, 2013 }}</ref><ref>{{cite news|last=Noon| first=Chris | title=Croatian Retiree Denies Trading in Reebok|work=]|date =August 8, 2005 | url = https://www.forbes.com/2005/08/08/reebok-adidas-croatia-cx_cn_0808autofacescan07.html | accessdate =April 13, 2013 }}</ref><ref>{{cite news|title=Mystery Of Cleaner Who Cashed In On Reebok | date =August 9, 2005 | url = http://www.independent.ie/business/world/mystery-of-cleaner-who-cashed-in-on-reebok-25970071.html | accessdate =April 13, 2013 }}</ref> | |||
| Plotkin and Pajčin traded on the inside information, initially in an account in Pajčin’s name and later, in accounts in the names of others in Europe and the United States. Plotkin and Pajčin also tipped several individuals in the United States and Europe in return for a share of their trading profits. In total, Plotkin and Pajčin traded in at least 25 stocks within one year based on inside information obtained through these schemes.<ref>'SEC Complaint Charges International Insider Trading Ring, Including Personnel at Goldman Sachs and Merrill Lynch', </ref> | |||
| In total, 8,675 Reebok options were traded on the two days before the merger announcement, more than 50 times the usual amount.<ref>{{cite news |title=SEC Charges 8 More In Reebok Trading Case |date=August 19, 2006 |url=http://blog.ttnet.net/resources1/2005/08/19/sec-charges-8-more-in-reebok-trading-case-20050819/ |accessdate=April 13, 2013 }}{{dead link|date=January 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The SEC discovered that a number of accounts involved in trading Reebok options over those two days had made other parallel trades over the prior months. This included accounts belonging to Monika Vujovic and several other Croatian nationals.<ref>{{cite news|last=Shell| first=Adam | title=Eight More Charged In Reebok Case|work=]|date =August 18, 2005 | url = http://usatoday30.usatoday.com/money/industries/retail/2005-08-18-sec-reebok_x.htm | accessdate =April 13, 2013 }}</ref> Pajčin was arrested and began to cooperate with federal prosecutors.<ref>{{cite news| title=2 Arrested on Charges of Insider Trading|work=]|date =April 11, 2006 | url = https://www.nytimes.com/2006/04/11/business/worldbusiness/11iht-inside.html | accessdate =April 13, 2013 }}</ref> | |||
| A ] official described the scheme as "one of the most widespread, varied and premeditated insider-trading rings we have ever prosecuted."<ref name="NYT2006"/> | |||
| ==Aftermath and sentencing== | |||
| Plotkin pleaded guilty to conspiracy to commit securities fraud and eight counts of insider trading. Most of the profits have been secured by federal authorities who froze bank accounts when the fraud was discovered. | |||
| Pajčin was arrested in 2005 and cooperated with the government. Subsequently, all of his co-conspirators were arrested in 2006. After pleading guilty to charges in the case in 2008, Pajčin was sentenced to time served.<ref>{{cite news|last=Bansal| first=Paritosh | title=No Further Jail Time For Ex-Analyst In Trading Case|work=]|date =January 18, 2008 | url = https://www.reuters.com/article/businesspro-insidertrading-sentence-dc-idUSN1832663520080118 | accessdate=April 13, 2013 }}</ref> Several months after his release, Pajčin broke the terms of his probation and fled the United States.<ref>{{cite news|last=De La Merced| first=Michael | title=Insider-Trading Mastermind May Have Fled U.S.|work=]|date =November 4, 2008 | url = https://www.nytimes.com/2008/11/05/business/05insider.html | accessdate=April 13, 2013 }}</ref> A warrant was issued for his arrest in April 2008. In 2010, Pajčin was ordered to pay a $7.7 million default judgment and $20.8 million in fines to the SEC.<ref>{{cite news|last=Stempel| first=Jonathan | title=Ex-Goldman Analyst Who Fled Must Pay $27.8 Mln|work=]|date =June 3, 2010 | url = https://www.reuters.com/article/goldman-insidertrading-idUSN0322550620100603 | accessdate=April 13, 2013 }}</ref> | |||
| David Pajčin, a former Goldman Sachs analyst, has pleaded guilty to charges in the case and is cooperating with the government. | |||
| *Plotkin pleaded guilty to conspiracy to commit securities fraud and eight counts of insider trading. In 2008, he was sentenced to 57 months imprisonment and ordered to pay a $10,000 fine.<ref>{{cite news|date=January 4, 2008|title=Inside Trader Sentenced to 57 Months|url=http://www.courthousenews.com/2008/01/04/Inside_Trader_Sentenced_To_57_Months.htm}}</ref> | |||
| Plotkin introduced Pajčin to his college friend Stanislav Shpigelman in 2004 at a Russian day spa and sauna in lower Manhattan. Shpigelman worked as an analyst at Merrill Lynch & Co.'s mergers-and-acquisitions division. Shpigelman pleaded guilty to conspiracy to commit insider trading and was sentenced in 2008 to more than three years in prison.<ref>The Associated Press, 'Former Goldman Sachs Analyst Sentenced for Insider Trading', </ref> | |||
| *Shpigelman pleaded guilty to conspiracy to commit securities fraud and insider trading. In 2007, he was sentenced to 37 months imprisonment.<ref>{{cite news| title =Ex-Merrill Analyst Sentenced | work =] | date =January 6, 2007 | url = http://www.boston.com/business/globe/articles/2007/01/06/ex_merrill_analyst_sentenced/ | accessdate =April 13, 2013 }}</ref> | |||
| *Smith pleaded guilty to felony criminal contempt. In 2006, he was sentenced to 33 months imprisonment and ordered to pay a $6,000 fine.<ref>{{cite news|title=Postal Worker Sentenced in Insider Trading Case|work=]|date=December 12, 2006}}</ref> | |||
| *Shuster pleaded guilty to conspiracy to commit securities fraud and insider trading.<ref>{{cite news| title =Business Week Printing Plant Employee Nickolaus Shuster Pleads Guilty to Fraud | work =] | date =October 24, 2006 | url = http://www.medialifemagazine.com/business-week-printing-plant-employee-nickolaus-shuster-pleads-guilty-to-fraud/ | accessdate =April 13, 2013 }}</ref> In 2008, he was sentenced to time served. | |||
| *Renteria pleaded guilty to conspiracy to commit securities fraud and insider trading. In 2008, he was sentenced to 2 years probation.<ref>{{cite news|last=Neumeister |first=Larry |title=Forklift Operator Won't Go To Prison for Insider Trading |work=] |date=July 11, 2008 |url=http://www.observertoday.com/page/content.detail/id/505460/Forklift-operator-won-t-go-to-prison-for-insider-trading.html |accessdate=April 13, 2013 |url-status=dead |archiveurl=https://web.archive.org/web/20140916055744/http://www.observertoday.com/page/content.detail/id/505460/Forklift-operator-won-t-go-to-prison-for-insider-trading.html |archivedate=September 16, 2014 }}</ref> | |||
| ==References== | ==References== | ||
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| ==External links== | ==External links== | ||
| *], White Men with Money, The Dance Ends for Eugene. | *], White Men with Money, The Dance Ends for Eugene. | ||
| * American Greed Episode 22:A Scam Exposed: Strippers and Inside Trading | * American Greed Episode 22:A Scam Exposed: Strippers and Inside Trading | ||
| {{DEFAULTSORT:Reebok insider trading case}} | |||
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| | NAME = Plotkin, Eugene | |||
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| {{DEFAULTSORT:Plotkin, Eugene}} | |||
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Latest revision as of 10:06, 25 November 2024
Insider trading scheme from 2004 to 2005| Date | 2004-2005 |
|---|---|
| Type | Insider trading scandal |
The Reebok insider trading case was an insider trading scheme that took place in 2004 and 2005 and involved tips from a Merrill Lynch investment banker, confidential information from Business Week and a grand juror, and trades by individuals in both the United States and Europe. The trades were largely orchestrated by David Pajčin, an ex-Goldman Sachs trader who was subsequently ordered to pay nearly $28 million in fines and judgments by the SEC.
Background
David Pajčin was a Croatian trader who met Eugene Plotkin when both were employees of the investment bank Goldman Sachs. In 2004, Plotkin introduced Pajčin to his friend Stanislav Shpigelman, a Merrill Lynch investment banker, at a Russian day spa in lower Manhattan. Pajčin knew Jason Smith, a postal worker, from high school and was romantically involved with Monika Vujovic, also a Croatian immigrant who worked as an exotic dancer.
Schemes
Shpigelman provided Pajčin and Plotkin with tips on upcoming mergers and acquisitions in return for payoffs. The largest trades that netted the vast majority of the case's profits stemmed from a single tip from Shpigelman about the upcoming acquisition of Reebok by Adidas-Salomon AG.
In addition to trading on tips from Shpigelman, Pajčin also traded on confidential information from Jason Smith, his high school friend, who was serving on a grand jury, and on non-public information from advance copies of Business Week provided by warehouse workers Nickolaus Shuster and Juan Renteria, who were paid by Pajčin and Plotkin for that information.
Pajčin placed trades in his own account and in the accounts of his aunt, Sonja Antičević, and his girlfriend, Monika Vujovic, based on these tips. In addition, a number of other individuals, most of them Croatian nationals, placed trades based on tips received by Pajčin and Plotkin from their inside sources.
Investigation
The investigation of Pajčin began after regulators at the U.S. Securities and Exchange Commission noticed suspicious timing and unusually high trading volume before a corporate acquisition announcement. Pajčin's aunt, Sonja Antičević, a 63-year-old retired tailor from Omiš, Croatia who was living on a pension of about $263 a month and occasionally working as a cleaning lady, was found to have bought $130,000 of Reebok call options in the 2 days before Reebok was taken over by Adidas-Salomon AG and captured a profit of more than $2 million on that investment. She subsequently told reporters that she "never bought a stock" and had "no idea how that works."
In total, 8,675 Reebok options were traded on the two days before the merger announcement, more than 50 times the usual amount. The SEC discovered that a number of accounts involved in trading Reebok options over those two days had made other parallel trades over the prior months. This included accounts belonging to Monika Vujovic and several other Croatian nationals. Pajčin was arrested and began to cooperate with federal prosecutors.
Aftermath and sentencing
Pajčin was arrested in 2005 and cooperated with the government. Subsequently, all of his co-conspirators were arrested in 2006. After pleading guilty to charges in the case in 2008, Pajčin was sentenced to time served. Several months after his release, Pajčin broke the terms of his probation and fled the United States. A warrant was issued for his arrest in April 2008. In 2010, Pajčin was ordered to pay a $7.7 million default judgment and $20.8 million in fines to the SEC.
- Plotkin pleaded guilty to conspiracy to commit securities fraud and eight counts of insider trading. In 2008, he was sentenced to 57 months imprisonment and ordered to pay a $10,000 fine.
- Shpigelman pleaded guilty to conspiracy to commit securities fraud and insider trading. In 2007, he was sentenced to 37 months imprisonment.
- Smith pleaded guilty to felony criminal contempt. In 2006, he was sentenced to 33 months imprisonment and ordered to pay a $6,000 fine.
- Shuster pleaded guilty to conspiracy to commit securities fraud and insider trading. In 2008, he was sentenced to time served.
- Renteria pleaded guilty to conspiracy to commit securities fraud and insider trading. In 2008, he was sentenced to 2 years probation.
References
- Press Release (11 April 2006). "SEC Complaint Charges International Insider Trading Ring, Including Personnel at Goldman Sachs and Merrill Lynch". Washington, DC: Securities and Exchange Commission. Retrieved 27 February 2012.
- Anderson, Jenny; Michael De La Merced (April 30, 2006). "An Insider-Trading Case With a B-Movie Plot". The New York Times. Retrieved July 14, 2013..
- Stempel, Jonathan (June 3, 2010). "Ex-Goldman Analyst Who Fled Must Pay $27.8 Mln". Reuters. Retrieved April 13, 2013.
- Gimbel, Barney (October 4, 2006). "Partners in Crime". Fortune. Retrieved April 13, 2013.
- Masters, Brooke (April 12, 2006). "3 Accused of Running Big Inside Trading Scheme". The Washington Post. Retrieved April 13, 2013.
- Farrell, Greg (May 11, 2006). "Juror Accused of Inside Trading". USA Today. Retrieved April 13, 2013.
- Siegel, Aaron (February 27, 2007). "Analyst Flattered, Intimidated Into Plot". Investment News. Retrieved April 13, 2013.
- "Postal Worker Charged in Trading Scam". February 11, 2009.
- Anderson, Jenny (April 12, 2006). "2 Wall Street Employees Charged With Insider Trading". The New York Times. Retrieved April 13, 2013.
- Anderson, Jenny (April 15, 2006). "Seamstress Clue Unravelled $9M Wall Street Fraud". Sydney Morning Herald. Retrieved April 13, 2013.
- Abelson, Jenn (August 6, 2005). "US Freezes Reebok Investor's $2M Profit". Boston Globe. Retrieved April 13, 2013.
- Noon, Chris (August 8, 2005). "Croatian Retiree Denies Trading in Reebok". Forbes. Retrieved April 13, 2013.
- "Mystery Of Cleaner Who Cashed In On Reebok". August 9, 2005. Retrieved April 13, 2013.
- "SEC Charges 8 More In Reebok Trading Case". August 19, 2006. Retrieved April 13, 2013.
- Shell, Adam (August 18, 2005). "Eight More Charged In Reebok Case". USA Today. Retrieved April 13, 2013.
- "2 Arrested on Charges of Insider Trading". The New York Times. April 11, 2006. Retrieved April 13, 2013.
- Bansal, Paritosh (January 18, 2008). "No Further Jail Time For Ex-Analyst In Trading Case". Reuters. Retrieved April 13, 2013.
- De La Merced, Michael (November 4, 2008). "Insider-Trading Mastermind May Have Fled U.S." The New York Times. Retrieved April 13, 2013.
- Stempel, Jonathan (June 3, 2010). "Ex-Goldman Analyst Who Fled Must Pay $27.8 Mln". Reuters. Retrieved April 13, 2013.
- "Inside Trader Sentenced to 57 Months". January 4, 2008.
- "Ex-Merrill Analyst Sentenced". Boston Globe. January 6, 2007. Retrieved April 13, 2013.
- "Postal Worker Sentenced in Insider Trading Case". The New York Times. December 12, 2006.
- "Business Week Printing Plant Employee Nickolaus Shuster Pleads Guilty to Fraud". Media Life Magazine. October 24, 2006. Retrieved April 13, 2013.
- Neumeister, Larry (July 11, 2008). "Forklift Operator Won't Go To Prison for Insider Trading". Observer Today. Archived from the original on September 16, 2014. Retrieved April 13, 2013.
External links
- New York Magazine, White Men with Money, The Dance Ends for Eugene.
- American Greed Episode 22:A Scam Exposed: Strippers and Inside Trading