The New York Post - April 6, 2011
NEWARK, N.J. — Federal authorities have charged two men with running an insider trading scheme that netted more than $30 million with information stolen from law firms. Garrett Bauer is scheduled to appear in U.S. District Court in Newark, N.J., on Wednesday afternoon. Matthew Kluger will make his first appearance in federal court in Alexandria, Va. They’re accused of trading on inside information stolen from Wilson Sonsini Goodrich & Rosati, a law firm with offices in Washington, D.C., New York, San Francisco and Hong Kong. Authorities also allege the decades-long scheme used information stolen from prominent New York law firms Cravath Swaine & Moore and Skadden, Arps, Slate, Meagher & Flom.
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Lawyer, Stock Broker Charged In $32 Million Insider Trading Scheme
CBS TV - April 6, 2011
NEWARK, N.J. (CBSNewYork/AP) — A former lawyer and stock trader were arrested Wednesday and charged with running an insider trading scheme straight out of the movie “Wall Street” that brought in so much money the suspects spoke at one point about burning $175,000 in cash to avoid detection. Garrett Bauer, of New York, and Matthew Kluger of Oakton, Va., face multiple counts of insider trading and obstruction in addition to single counts of conspiracy and money laundering. Authorities said the scheme netted more than $32 million in profit over the last five years. “Their ‘greed is good’ mentality eventually led to their criminal acts being exposed,” said Michael Ward, head of the FBI office in Newark, using the famous line spoken by Michael Douglas in Oliver Stone’s 1993 movie. Bauer was scheduled to appear in U.S. District Court in Newark on Wednesday afternoon, while Kluger was to appear in federal court in Alexandria, Va.