I'm not saying Shia LaBeouf is making this up, but can someone please shed some light on what he was talking about on the Jimmy Kimmel Show last week? The actor said that in preparation for his role in Wall Street: Money Never Sleeps
, he trained at a Charles Schwab brokerage in Encino, California. After first mentioning that he'd managed to turn $20,000 into $489,000 through his trading, LaBeouf observed that success in the market was all about whoever gets the information first.
To illustrate this point, LaBeouf said that "four of the nine guys that he was training with were arrested and are in jail now for insider trading." I'm pretty sure he was referring to the brokers he was training under at Charles Schwab (who he also said had set him up with a computer and $1 million to trade with), and not fellow trainees, but that was not entirely clear.
He then added that the four people who went to jail were sharing inside information on Twitter, tweeting messages to each other. How did they expect to get away with something like this, Kimmel asked? "Because these regulators are old!" LaBeouf responded.
Can somebody please enlighten me in the comments about this supposed Charles Schwab Twitter-insider trading ring? Is this real? Check out the video below. The insider trading discussion starts at around the 2:40 mark.