A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 28, 2021. REUTERS/Andrew Kelly
NEW YORK (Reuters) - A former Wall Street quantitative analyst was charged on Thursday with insider trading for making nearly 2,900 trades after learning his employer would soon make the same trades for clients, known as front-running.
The U.S. Department of Justice said Sergei Polevikov, 48, of Port Washington, New York, generated more than $8.5 million of illegal profit from trades he conducted from January 2014 to October 2019 through his wife's brokerage account.
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