A former analyst from Goldman Sachs and Blackstone, along with two of his friends, are facing criminal insider trading charges for trading on nonpublic information about planned mergers and strategic partnerships. The former analyst, Anthony Viggiano, allegedly provided tips on at least eight transactions between 2021 and 2023 to his friend Christopher Salamone and college friend Stephen Forlano, who in turn tipped others. These illegal trades generated more than $580,000 in profit, with Salamone making $322,000. Salamone has pleaded guilty to securities fraud and conspiracy charges and is cooperating with the investigation.
Viggiano is facing nine securities fraud and conspiracy charges, while Forlano faces four. All four individuals are also facing related civil charges from the Securities and Exchange Commission. Some of the transactions involved in the insider trading scheme include the sale of part of American International Group’s life and retirement unit to Blackstone and Advent International’s agreement to acquire Maxar Technologies. Viggiano and Salamone attempted to disguise their trades by investing in defense companies as a “smokescreen” when purchasing Maxar securities, claiming they were preparing for a possible World War III.
In response to the charges, Blackstone confirmed Viggiano’s former employment, expressed cooperation with authorities, and stated that it has “zero tolerance for the behavior alleged.” Goldman Sachs has not provided an immediate comment on the matter. The reasons behind Viggiano’s departure from both firms are currently unclear. Viggiano’s lawyer declined to comment, while Forlano’s lawyer maintained his client’s innocence and vowed to vigorously contest the charges. Salamone’s lawyer was not available for comment at the time of reporting.