The Securities and Exchange Commission charged four day traders with posing as legitimate portfolio managers to induce investment bankers to reveal confidential information about secondary stock offerings and positive corporate news announcements of public-company clients. The SEC said the scheme generated more than $4.4 million in illegal trading profits. The U.S. attorney's office for the District of New Jersey also announced criminal charges against traders Steven Fishoff, Steven Costantin, Ronald Chernin and Paul Petrello.
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