On March 1, a group of current and former employees of U.S. top banks were charged for insider trading. They are accused of using leaked information and even blackmailing to make millions of dollars on the stock market. The case involved 13 people from four major Wall Street investment banks (UBS, Morgan Stanley, Bank of America and Bear Stearns). All the men were arrested and four pleaded guilty. They are estimated to have gained $8 million through insider trading. Insider trading is illegal because it give a unfair advantage to those who have money in the stock market. Insider trading allows you know if stock is going to drop or rise before the public does.
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