Latest Insider Trading Case Starts With AA Meetings

From wsj.com

The SEC levied insider trading charges against a financial adviser, and his circle of family and friends, who obtained insider information from a connection at Alcoholics Anonymous and eventually spread it to Hong Kong and a grandmother’s trading account. In total, the SEC says, the group made $1.8 million in illicit profits off of the takeover of a Philadelphia insurance company in 2008. According to the SEC, Timothy J. McGee, a financial adviser at Ameriprise Financial Services, had grown close to an executive at Philadelphia Consolidated Holding Corp. following more than a decade of attending AA ... (full story)