CONGRESSMAN QUESTIONS INSIDER TRADING ENFORCEMENT
Rep. Norman Lent, R-N.Y., said Dennis
Levine's conviction for insider trading showed the need for
tougher enforcement of insider trading laws by the government
and the securities industry.
    Lent's comments came at the start of closed testimony by
Levine at the House Oversight and Investigations subcommittee.
Levine's testimony was not released.
    "Why didn't Dennis Levine's superiors at four different
investment banking houses question the sources of his 'uncanny'
information on possible corporate takeovers?" Lent asked.
    "Why has the Securities and Exchange Commission historically
been unable to prosecute insider trading cases without outside
evidence that illegal behavior has taken place?" Lent added.
    Lent said Levine had told the subcommittee staff his
associates at major banks told him insider trading was accepted
practice. Levine also said he did not worry about being caught
by the SEC.
    "The securities industry must stop putting morality and
ethics behind proift. The SEC must exercise tougher control and
supervision of the industry," Lent said.
 Reuter
