Event
Inquiry into trading before 11 September
SEC and FBI investigators examined unusual trading in airline stocks before the attacks and found no evidence that anyone with advance knowledge profited.
The 9/11 Commission reports the results in its text and in note 130 to chapter 5.
Connections 2
involved
- U.S. Securities and Exchange Commission examined the trading; found no evidence of profit from advance knowledge Primary record 1
- Federal Bureau of Investigation examined the trading; found no evidence of profit from advance knowledge Primary record 1
Proof 1 source
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The 9/11 Commission Report: Final Report of the National Commission on Terrorist Attacks Upon the United States, 9-11-commission, 22 Jul 2004.
Primary record
The SEC and the FBI, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments.
Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation.
A single U.S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10.
Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U.S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades.
Exhaustive investigations by the Securities and Exchange Commission, FBI, and other agencies have uncovered no evidence that anyone with advance knowledge of the attacks profited through securities transactions.
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