Man pleads not guilty to using info from Bloomberg reporter for insider trading

A Brooklyn man pleaded not guilty on Monday to insider trading charges, after prosecutors accused him of using information from a Bloomberg News reporter about certain deals to trade.

Jonathan Stempel and Tom Hals of Reuters report, “Peltz has been charged with securities fraud, money laundering and tax evasion, among other offenses, according to the indictment filed in the Eastern District of New York.

“The indictment does not name the financial reporter or the media outlet, but Reuters and other media outlets have identified him as Ed Hammond, a deals reporter with Bloomberg in New York, based on a review of articles mentioned in the indictment.

“Hammond has not been accused of wrongdoing.

“Bloomberg News declined to comment on Monday. ‘Ed Hammond is a very accomplished reporter,’ Bloomberg said in an April 1 email. ‘We’re not aware of any facts to suggest any wrongdoing on his part.'”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.