Law School Buddies Arrested For Trades Ahead Of IBM Deal

Law360, New York (November 29, 2012, 9:19 PM EST) -- Federal authorities arrested two former retail brokers and law school classmates on Thursday for allegedly trading ahead of International Business Machines Corp.'s 2009 acquisition of SPSS Inc. as part of an insider trading scheme that netted more than $1 million in illicit profits.

A criminal indictment was unsealed in New York federal court Thursday against Thomas C. Conradt and David J. Weishaus, the same day the two were arrested by the FBI in Louisville, Colo., and Baltimore, Md., respectively.

Both Conradt and Weishaus face one count...
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