Even though we are adamant in our FDR throwback song declaration that happy days are here again (or if they haven’t quite fully arrived, they are well on their way), it seems that the Great Recession may have got the best of some. When greed meets in the middle of the road with fear, more often than not, disaster will strike, which could quite possibly be the case for some with ties to both the Big Apple and the Magic City.
Late last week 32-year-old Miami Beacher Daniel Corbin was indicted by the U.S. Attorney for the Southern District of New York in a $2.1 million insider-trading plot. This isn’t the first time that the former day trader has faced court proceedings; in 2008 Corbin pleaded not guilty to charges of securities fraud and conspiracy to commit securities fraud.
So how did it all go down? Allegedly Corbin and fellow day trader Jamil Bouchareb plotted with a sales exec from Lehman Brothers Holdings Inc. by the name of Matthew Devlin. Devlin received insider tips from his wife, who worked for an international communications company based in New York and had access to info about mergers and acquisitions before the rest of us, and used her position to bring home juicy tidbits to share over a nightcap with her hubby. The hubby passed along the dirt to Bouchareb and Corbin, who thanked Devlin for his efforts with lots of extra cash benefits. Though Bouchareb and Devlin have both pled guilty, Corbin maintains his innocence and according to his lawyer, is looking forward to due justice and his day in court.