Woman Charged With Insider Trading
NEW YORK (AP) _ An ethics watchdog at Morgan Stanley, Dean Witter, Discover & Co. has been charged with using confidential, insider information to make hundreds of thousands of dollars for herself and an accomplice.
Ms. Baridis had worked at Morgan Stanley, Dean Witter since April. Before that, she had been at Smith Barney Inc.
At both firms, Ms. Baridis’ job was to maintain a ``Chinese wall″ between investment bankers with information about mergers or acquisitions and brokers who could profit from that information.
On several occasions at both jobs, Ms. Baridis, a law school graduate who has never practiced law, allegedly fed insider information to her accomplice, who used the tips to make profitable trades in more than a dozen companies.
One company the pair allegedly traded was Georgia Pacific Inc., a major producer of building and packaging products, which was being restructured. Another was a bagel maker whose stock was being downgraded.
Manhattan District Attorney Robert Morgenthau refused to identify the alleged accomplice, but a law enforcement source said that he, too, works on Wall Street.
The source said Ms. Baridis’ alleged activities were uncovered during another investigation involving stock trades.
Ms. Baridis was arraigned Tuesday on charges including grand larceny, scheming to defraud, securities fraud and commercial bribe receiving. She was freed on $250,000 bail.