Overview

Richard Wigton was the head of the arbitrage department at Kidder, Peabody & Co. who became one of the most visible casualties of the 1980s insider trading prosecutions when he was dramatically arrested on the trading floor by federal agents in February 1987. He was handcuffed and perp-walked past his colleagues in a scene designed for maximum public humiliation by U.S. Attorney Rudolph Giuliani's office. The charges against Wigton were dropped in May 1989 when prosecutors determined their evidence was insufficient. His case became the most prominent example of prosecutorial overreach during the scandal, but also raises uncomfortable questions about whether dismissed charges equate to innocence, or whether a guilty participant merely benefited from insufficient evidence. His career was destroyed regardless of the outcome.

Key Affiliations

Controversies & Concerns

Related Investigations (1)

Sources & Documentation

2 documented sources from official records, investigations, and reports