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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	5/24/2002 8:46:27 AM
From: TFF	of 12617

SEC Probes Analysts Trading vs Recommendations, N.Y. Post Says Washington, May 24 (Bloomberg) -- The Securities and Exchange Commission is investigating Wall Street analysts who traded against their stock recommendations, the New York Post said, citing unidentified people familiar with the investigation. Analysts who sold or shorted shares that they publicly recommended buying could be charged with fraud, the paper said, citing John Coffee, a securities law professor at Columbia University. The SEC launched a formal investigation into conflict of interest involving analysts' recommendations on April 25, the paper said. Merrill Lynch & Co. reached an agreement earlier this week with New York Attorney General Eliot Spitzer to settle conflict of interest claims. An examination last summer found that analysts were executing trades in their own accounts contrary to their published recommendations, the paper said. Laura Unger, who was acting SEC commissioner at the time, testified about her findings before Congress, the paper said. (New York Post 5-24 41)

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