Heroic Analyst Tells of FBI Threats in Insider-Trading Probe
John Kinnucan, an independent analyst, said the FBI approached him and said, "there was a very large insider trading ring investigation that they were conducting and one of my clients was a focus of the probe and they wanted my help in basically incriminating this individual."
The FBI told Kinnucan not to disclose the name of the individual or he would be guilty of obstruction of justice, and went on to say that they needed to hear from him within 48 hours or there would be trouble, he told CNBC's "The Strategy Session" on Tuesday.
He did not get back to them, but added that "my business has been destroyed" because of the investigation.
Kinnucan sent out an email to his clients disclosing the FBI visit:
"Today two fresh faced eager beavers from the FBI showed up unannounced (obviously) on my doorstep thoroughly convinced that my clients have been trading on copious inside information. (They obviously have been recording my cell phone conversations for quite some time, with what motivation I have no idea.) We obviously beg to differ, so have therefore declined the young gentleman's gracious offer to wear a wire and therefore ensnare you in their devious web."
"It reminds me a little of Arthur Anderson. If a company's been indicted they're out of business," Kinnucan said, adding, "I haven't been indicted but it's a distinction without a difference in this case." » Read More on CNBC.com