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Feds in NY allege $1M insider trading scam by ex-stock brokers from Denver, Baltimore

New York authorities say two former stockbrokers have been arrested on insider trading charges for a $1 million scheme.

Thomas Conradt, of Denver, and David Weishaus, of Baltimore, were arrested Thursday on charges brought in U.S. District Court in Manhattan. Authorities say the pair attended law school together.

A lawyer for Weishaus declined to comment. Conradt's lawyer didn't immediately respond to a message seeking comment.

Authorities say the inside information on the 2009 trade concerned an acquisition by technology giant IBM.

The head of the FBI's New York office, Mary Galligan, says the defendants weren't shy about their greed.

She says Weishaus messaged Conradt the day the merger was announced publicly.

According to Galligan, he said: "I need that Lexus" and "I don't want to go to jail."

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