Former Sirius Executive Charged with Insider Trading

Monday, December 19, 2005

A Former Sirius Executive and an accountant at Mahoney Cohen, a large east coast accounting firm, were charged by the SEC for insider trading of Sirius (SIRI) stocks before Howard Stern announced his move to the sat-radio provider. The SEC said that Tracey Strayner bought Sirius stock on Oct 5th, 2004, the day before Stern announced, after a Senior Exec from Sirius had said that they had come to agreement with Stern.

The accountant for Mahoney Cohen firm in NYC, Gary Horiwitz, found out through the CEO of the firm, who also happens to be Stern's tax accountant. Horiwitz found out that Stern was going to make the deal and proceeded to buy 25,000 shares of Sirius on Sept 30, 2005.

Read the Reuters Report

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