Saturday, December 20, 2008

Corporate Espionage: Husband Spy

Matthew C. Devlin, a former Lehman Brothers broker who gleaned tips about pending mergers from his wife, a partner at a high-powered public relations firm, has been charged in a wide-ranging insider trading scheme that earned $4.8 million in profits for several people including a former Playboy model and two lawyers, authorities said.

The SEC said Devlin took secrets from March 2004 through last July about more than a dozen pending mergers and acquisitions from his wife, Nina, a partner at Brunswick Group LLC, an international public relations firm.

Attorney Jim Benjamin, who represents Nina Devlin, said her husband obtained the information without her knowledge by being close to her and monitoring her travel schedule.

The SEC said Devlin gave the secrets to his clients and friends, including three who worked in the securities or legal professions. (more)