Grand Theft Cash Money As Traders Make Illegal Profits From EA/Take-Two Talks

Hot Coffee was some GTA-related fun while it lasted, but it wasn't a crime. Now this, this is a crime. Federal prosecutors have caught traders who illegally made $250,000 from the EA/Take-Two talks.

It's alleged that former broker Matthew Devlin - who is married to a PR lady - learned in advance of EA's move for Grand Theft Auto publisher Take-Two, and indulged in a spot of inside trading. Using this knowledge, he passed it onto his clients (which is illegal), and the lot of them made around $250,000 in profits as Take-Two's stock price rocketed.

That was one of 13 deals it's alleged the group profited from over a four-year period, which saw them pocket around $4.8 million before Federal prosecutors caught wind of the group and swooped.

Real-Life “Grand Theft”: Inside Traders Made $250,000 Off of Electronic Arts’ Take-Two Bid [MediaMemo]