Gosh dang, the federal prisons must be loaded with Wall Street brokers and investment bankers. In the on going series of “Another One Bites the Dust.” Matthew Devlin, a broker for Lehman Brothers, was lavished with cash and luxury goods, for giving his buddies insider trading tips. Who did he get the info from? His unsuspecting wife Nina Devlin, who was a partner in the Public Relations firm, Brunswick Group LLC.

I guess Matt decided to “spread the love” and started giving tips to friends, relatives, and probably even the cute girl at Starbucks. His wife is reportedly devastated by the news.

Reuters Reports:

Authorities said on Thursday a former Lehman Brothers Holdings Inc salesman tipped friends and relatives with inside information about 13 impending mergers by divulging confidential information he got from his wife, a public relations executive.

Brunswick said in a statement: “The husband of a Brunswick employee has been arrested by U.S. authorities for using information obtained illegally from her and without her knowledge, which has then passed to third parties.”

The U.S. Attorney’s office in Manhattan said Matthew Devlin, 35, entered a plea of guilty on December 16 before U.S. District Judge Barbara Jones to a complaint charging him with four counts of conspiracy to commit insider trading and one count of securities fraud.

It said day traders Jamil Bouchareb, 27, and Daniel Corbin, 32, of Miami Beach, Florida and former Lehman employee Frederick Bowers, 40, and a lawyer Eric Holzer, 34, of New York City were arrested on Thursday on charges of conspiracy and securities fraud.

Bouchareb’s lawyer Lilly Anne Sanchez said in a statement that “there is no credible proof of knowledge on the part of Mr Bouchareb and once all the true facts are revealed he will be exonerated.”

The SEC complaint also said that in exchange for providing inside information, Devlin was rewarded with cash and luxury goods like a Cartier watch, a Barneys New York gift card, a wide-screen TV and a Ralph Lauren leather jacket.

If he would have kept the information to himself, he would have never got arrested. Somebody must have squealed on him. I guess MONEY IS the root of all evil. Is it just me, or does everyone on Wall Street seem like a bunch of crooks? What a bunch of scammers.