Categories: OLD Media Moves

TheStreet.com journalist linked to insider trading ring

Reed Albergotti of The Wall Street Journal writes Friday about how Michael Baron, a senior editor at TheStreet.com, has been tied to a sophisticated insider trading ring.

Albergotti writes, “Mr. Baron — described in the complaint as a co-conspirator, or ‘CC-1,’ and as ‘a reporter at a financial news website’ — hasn’t been identified previously. According to the criminal complaint filed in the case, CC-1 couldn’t purchase shares related to an expected acquisition he heard about last year because of restrictions imposed by his employer, but he urged his father to buy shares ahead of the announcement.

“Mr. Baron hasn’t been charged in connection with the alleged conspiracy. He declined numerous requests for an interview. Through his lawyer, Arthur Zucker, Mr. Baron said he cooperated fully with the investigation and continues to make himself available to investigators. He said his client is ‘appreciative of the efforts of the government and its thoroughness’ in investigating the case.

“Mr. Baron’s father, who also is named Michael, purchased the stock and made less than $10,000 profit, according to a person familiar with the matter. Mr. Baron’s father hasn’t been accused of any wrongdoing. He didn’t respond to requests for comment.

“The apparent confluence of bad luck and an alleged lapse in judgment that landed the younger Mr. Baron in the FBI’s cross hairs serves as a cautionary tale about the rules governing the sharing of financial information.”

Read more here.

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.

Recent Posts

Indianapolis Biz Journal seeks a news editor

The Indianapolis Business Journal is looking for our next news editor, a role that focuses…

13 hours ago

Axios hires Berkowitz as ME for media and markets coverage

Axios has chosen Ben Berkowitz to be its next managing editor of business and markets.…

17 hours ago

Business Insider hires Ortega as director of newsroom operations

Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm thrilled…

18 hours ago

Rest of World promotes Chandran to deputy editor

Rest of World editor in chief Anup Kaphle sent out the following on Monday: We are excited…

19 hours ago

FT hires Venugopal as India newsletter editor

The Financial Times has hired Veena Venugopal as its India newsletter editor. She has been working at…

19 hours ago

FT taps Parkin to be Middle East and Africa news editor

Benjamin Parkin has been named Middle East and Africa news editor at the Financial Times, based…

22 hours ago