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The men ran a ring that involved at least 13 people and offshore trading accounts, which operated two schemes, deal tips and advance copies.
As a result of the insider trading, the two individuals illegitimately earned at least $6.7 million, by trading on insider information that they obtained by getting advance copies of the market moving "Inside Wall Street" column in Business Week.
The two men recruited Nickolaus Shuster and Juan C. Renteria, Jr., both employees at Business Week's printing plant, for the purpose of stealing copies of upcoming editions of the magazine.
In addition, the SEC has reason to believe that the two men had intentions of bribing investment bankers with exotic dancers, in an effort to get information that could be traded on.
"What's striking about this case is these guys thought about and sought every insider trading scheme they could get their hands on," says David Markowitz, assistant regional director of the SEC's Northeast Regional office.