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Trader allegedly considered washing cash

April 8, 2011 at 3:30 AM   |   Comments

NEW YORK, April 8 (UPI) -- Authorities said a New York stock trader charged in a $32 million insider trading operation considered running his dirty money through a washing machine.

Paul Fishman, the U.S. attorney in Newark, N.J., said New York stock trader Garrett Bauer, 43, and former corporate lawyer Matthew Kluger, 50, face charges including securities fraud and obstruction of justice after they and a third man, whose name was not reported because he has not been charged, allegedly pulled off the $32 million scam over the course of 17 years, the New York Post reported Thursday.

Fishman said conversations recorded by the third man, who has been assisting authorities in the case, revealed how Bauer allegedly considered options including burning his cash in a fire and running it through a washing machine at his mother's house to remove his fingerprints after he discovered he was being investigated by authorities.

Fishman said the scam involved Kluger passing on information about clients of his law firm in New York and Washington to the informant, who would pass the information on to Bauer.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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