Insider Trading on Sirius/Stern, Shame on You!
Nothing like making an extra buck on somebody else’s good fortune. Especially when it’s against the law. But that didn’t stop accountant Gary Herwitz and former Sirius executive Tracey Stanyer from cashing in on Howard Stern’s big move to Sirius Satellite Radio. Looks like both these deadbeats paid fines and were forced to “disgorge ill-gotten gains”—much like they might disgorge a good steak from the Palm after they drink too much cab and tell dirty jokes—according to the investor protection agency. Herwitz bought stocks in Sirius after he found out about the Stern agreement from someone at accounting firm Mahoney Cohen & Co (of which he was formerly president), while Stanyer heard about it from from a senior Sirius executive. Together, fines added up to about $87,000. Nice going, guys.