A Merrill Lynch analyst, two Goldman Sachs employees and a worker at a plant that printed Business Week magazine have been charged in an insider trading scheme that netted more than $6.7 million, prosecutors said Tuesday.
Court documents said Stanislav Shpigelman, an investment banking analyst in the mergers and acquisitions division of Merrill Lynch & Co. Inc., and Eugene Plotkin and David Pajcin, who worked for Goldman Sachs Group Inc., were charged.
In a criminal complaint filed in U.S. District Court in Manhattan, the government said Plotkin and another worker for Goldman Sachs bribed two employees who worked at a printing plant where Business Week magazine was produced. Those workers included Juan Renteria, who also was charged in the complaint.
The printing plant workers allegedly relayed what was going to be published in the magazine's Inside Wall Street column.
In another plot, Plotkin and another Goldman Sachs employee obtained inside information about pending mergers and acquisitions from Shpigelman in exchange for cash payments and promises of future payments based on a percentage or profits, the court papers said.
Further details were scheduled to be announced at a news conference later in the day