U.S. Attorney Expects Insider Trading Probe To Last Another Year, Yield More Indictments
The government's criminal probe of corporate takeovers and illegal insider stock trading is expected to continue for another year, U.S. Attorney Rudolph W. Giuliani said today.</br></br>Giuliani said that he expects more individuals to be charged before the end of the investigation. Giuliani said he was displeased by the sentences handed down in insider trading cases to date, which he said have been too lenient.</br></br>The probe, which led to the downfall of stock speculator Ivan F. Boesky and continues to leave Wall Street buzzing with rumors about who will be implicated in the case next, is a joint effort of the Securities and Exchange Commission in Washington and the U.S. attorney's office in Manhattan.</br></br>"An investigation like this takes a long time," Giuliani said, at a forum here on insider trading. "These are difficult allegations to investigate. It cannot be rushed. It would be irresponsible to move too quickly."</br></br>Giuliani said the probe has benefited from extensive cooperation by many of those who have been implicated. Former investment bankers Dennis B. Levine and Robert M. Wilkis are among those who have cooperated by tape recording their conversations with others who violated securities laws. Those who have cooperated and agreed to plead guilty have done so in a bid to reduce their sentences.