Three more men have been charged with taking part in a scheme to trade on insider information about IBM's $3.5 billion takeover of Lotus Development in 1995.
Gary Spierer, Peter Mazzone, and Carmine Desantis have been charged in a federal court in New York of making a total of over $150,000 between them in illegal profits by trading on Lotus options based on advance information about the deal. The three are also accused of misleading the US Securities and Exchange Comission in its investigations. Mazzone is charged with insider trading, conspiracy, and perjury, while Spierer and Desantis have been charged with obstruction of justice. All three are alleged to have profited from advance information that IBM intended to buy Lotus. In all, nine people have now been charged with in the investigation, with the six others - including a cousin of Mazzone - all pleading guilty. The government is believed to be investigating up to another ten suspects.
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