The Securities and Exchange Commision says a former employee at Fleet’s Buenos Aires office let his family in on a little secret last Friday – that his ex-company was about to be purchased by Bank of America.

So, Guillermo Garcia Simon and his family poured their money into FleetBoston Securities late Friday, and now face insider trading charges from the SEC, Reuters reports.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.