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CNN LIVE AT DAYBREAK

USPS Worker Charged in Stocks Trading Scam

Aired August 22, 2003 - 06:45   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

CAROL COSTELLO, CNN ANCHOR: Let's get a little business buzz right now. A stock trading scam goes postal.
For more on that, let's head to New York and the Nasdaq market site and Joya Dass.

Tell us about it -- Joya.

JOYA DASS, CNN FINANCIAL NEWS CORRESPONDENT: Carol, wait until you hear this one. The securities regulators are suing a U.S. postal worker for trading on stocks that he read about in a business magazine. This gentleman was actually reading the "Inside Wall Street" column of "Business Week" a couple of days before the magazine hit the newsstands. He was reading them while he was at the mail sorting center in Mount Vernon, New York. So the magazine would actually hit the racks a couple of days later.

Those stocks that were positively mentioned in the magazine would move higher and he would in turn sell those stocks. And he did pretty well, he actually made about $150,000 after everything was said and done. He was actually doing this back in the '90s, according to the SEC. And, well, his whereabouts are unknown. No one knows where the heck he is. But he wasn't alone in this. And apparently a friend of his that was in on the scam settled with the SEC last year. Interesting stuff, huh?

COSTELLO: You're not kidding. Talk about American ingenuity of the illegal sort.

Hey, we need an Anna Kournikova alert, an update.

DASS: Oh my goodness!

COSTELLO: When is she to appear?

DASS: She is going to be ringing the opening bell here today with Jeff Bezos, who is the CEO of Amazon.com. And the two of them together are going to be introducing us to the Anna Bra. It's a sports bra and it's made by a European company called Shock Absorber.

COSTELLO: Oh no!

DASS: And I don't know if she is going to be modeling it, but...

COSTELLO: It's called...

DASS: ... I'm sure we're going to have some excited fans here. COSTELLO: The company is called Shock Absorber?

DASS: That's the name of the company. And they've been around for a while now, apparently, and they've been a sponsor of Anna Kournikova apparently since, let me make sure I get this right, 1997.

COSTELLO: Well we look forward to seeing Anna's new Shock Absorber. Thank you, Joya, we appreciate it.

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