November 17, 1987 |
The Supreme Court on Monday upheld the conviction of a former Wall Street Journal reporter who schemed to profit by leaking information about his own stories, giving federal prosecutors a surprise victory in their fight against stock fraud. But, although concluding that an employee may not profit from his company's confidential information, the justices failed to make clear what constitutes illegal "insider trading" in the stock market.
January 21, 1985
The former Wall Street Journal reporter, his roommate and a former stockbroker will go on trial in New York in a case that asks whether turning stock profits through inside knowledge of a newspaper column before publication constitutes illegal fraud. Winans, roommate David Carpenter and former stockbroker Kenneth P. Felis are charged with conspiracy, securities fraud and mail and wire fraud.
March 29, 1985
Three weeks of testimony came to a close after Patricia A. Maloy, Dow Jones' employee services manager, acknowledged in testimony that a personnel handbook given to Wall Street Journal employees is not fully explicit on rules governing employee behavior.
March 14, 1985
The last prosecution witness against the former Wall Street Journal reporter completed his testimony, leaving only a few technical matters before the government rests its case. Winans went on trial in January along with his roommate, David Carpenter, and a former stockbroker, Kenneth P. Felis, on charges that the group illegally tried to make stock market profits by using Winans' knowledge of stories that were to appear in the Journal. The non-jury trial resumed before U.S.
October 19, 1986 |
"I had whored myself, but not my writing." R. Foster Winans' proof is in this pudding: "Trading Secrets," the would-be honest memoirs of an admittedly self-deceived soul. Although Winans originally announced his book as a dissuasion from "unethical or immoral behavior" like his insider trading scam, "Trading" is no mere confessional tract but an ambitiously crafted narrative.
August 6, 1985
The former stockbroker, accused of using tips from ex-Wall Street Journal reporter R. Foster Winans to make money in the stock market, agreed to forfeit $160,000 to settle charges by the Securities and Exchange Commission against him, the commission said. The action came in a consent agreement under which Felis neither admitted nor denied liability. The SEC agreed to drop Felis from a civil suit that it filed against Winans and two others.
March 28, 1985
In testimony at the New York trial of former Wall Street Journal reporter R. Foster Winans and two others, a one-time sales assistant to the former stockbroker said Peter Brant told her he did not fear prosecution for illegally using advance information from the Journal's Heard on the Street column to make stock trades. But Diane Puckett said Brant implied that he feared that an investigation would uncover his misuse of funds in clients' stock trading accounts.
June 24, 1985 |
A federal judge found former Wall Street Journal reporter R. Foster Winans guilty today of illegally using his position as "Heard on the Street" columnist at the paper in a get-rich-quick scheme involving insider trading. U.S. District Judge Charles E. Stewart Jr., who presided over the non-jury trial of Winans and two co-defendants earlier this year, also convicted Winans' longtime roommate, David Carpenter, and a former stockbroker, Kenneth P. Felis.
May 27, 1986 |
A divided federal appeals court today upheld the conviction of former Wall Street Journal reporter R. Foster Winans for illegally trading in securities based on his advance knowledge of stories the newspaper would publish. A 2-1 majority of the U.S. 2nd Circuit Court of Appeals said Winans, his roommate David Carpenter--also an ex-Journal employee--and former stockbroker Kenneth P. Felis violated the laws that ban insider trading by taking advantage of Winans' position for their private gain.
January 30, 1987
Defendant David W. C. Clark, a former partner in a New York law firm, is charged with embezzling $3.7 million from clients to bankroll his participation in the R. Foster Winans insider trading scandal. Clark was arraigned before U.S. District Judge Charles E. Stewart in New York. The indictment charges him with securities, mail and wire fraud, tax evasion, conspiracy and perjury before the Securities and Exchange Commission. Clark, 37, of Fort Lauderdale, Fla., was freed on $250,000 bail.