Up in tony Pacific Heights, the wife of an accounting firm partner received 11 months in prison after using abusing her husband's trust to engage in some insider trading. Annabel McClellan (perfect Pac Heights housewife name, by the way) was sentenced in a U.S. District Court in San Francisco today after pleading guilty to obstructing an SEC investigation in to allegations of insider trading by her brother-in-law James Sanders, a London trader.
Arnold McClellan, Annabel's husband, formerly worked as a partner at Deloitte LLP where he was responsible for overseeing mergers and acquisitions for the accounting firm and the missus admitted to gathering sensitive information by listening in on his phone calls and snooping through his business documents before relaying trading tips to her sister and brother-in-law back in London.
According to a brief from the prosecution, the native Englishwoman defrauded British investors to the tune of more than $3 million US.
Miranda and James Sanders are still looking at insider trading charges back in London, according to the UK Financial Services Authority. Arnold McClellan — oblivious and hardworking Englishman that he is, we're sure — was not charged in the criminal investigation.