SEC Steps Up Insider Trading Investigations

According to the New York Times, the Securities and Exchange Commission has filed charges against Arnold and Annabel McClellan, former employees of Deloitte Tax, for insider trading. The SEC alleges that the couple communicated information that benefited their relatives in the U.K. by netting $20 million. The Financial Services Authority of Britain charged five recipients of the McClellan’s information with insider trading. This occurs on the heels of the U.S. Department of Justice’s raids at three hedge funds and issuance of subpoenas to investment firms.