At the 19th hole: insider trading tips

By Laurie Bennett

April 11, 2013 at 6:49am

The 77th Masters begins today at Augusta National Golf Club - the first time the event has been held since women (well, two women) were admitted to the club.

Yesterday, the news broke about a former senior executive with KPMG having been photographed accepting cash for inside info about companies he audited.

The exec had leaked the info to his friend and frequent golf partner. (We should note that they played not at Augusta, but at a country club in Westlake Village, CA.)

It certainly wasn’t the first time that federal regulators have found illicit activity on the links.

In September, the Securities and Exchange Commission charged a former director of a North Carolina insurance company with illegally disclosing inside information about a pending merger. The director tipped off a friend and the friend tipped off his golf partner.

This, perversely, is exactly the argument made by women and minorities who have been kept out of posh, private clubs.

These are venues for fraternizing, with the emphasis on “frat.” Members make connections and swap business and professional information - illicit or otherwise.

It’s a comfort to know that women are finally getting equal access to securities violations.

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