The Securities and Exchange Commission has charged a retired professor at St. John's University and a professor at Pace University, both in New York, with insider trading that netted them more than $1 million.

This is not exactly a scoop for the NY Times as the charges were announced by the SEC on March 13, 2008. But the NY Time's Dealbook blog is running with the story, albeit a few months late.

The defendants are John F. Marshall, former Vice-Chairman of the International Securities Exchange (ISE), an electronic options exchange and Alan L. Tucker a professor at Pace University as well as his brother-in-law, Mark R Larson. Marshall is accused of tipping off Tucker about a takeover of the ISE by EUREX while he was Vice-Chairman. Marshall bought shares and call options on the tip and when the deal was announced for $67.50 a share in 2007 Marshall netted a profit of $1.1 million.

The two have been maintaining a low profile according to the NY Times:

Since the S.E.C. filed its complaint in March, the men have fallen out of touch with friends and colleagues, longtime acquaintances said. Dr. Tucker finished out the spring term teaching at Pace but did not turn up at a recent finance conference he was scheduled to attend in China. Dr. Marshall has resigned from the I.S.E.’s board. Recent calls placed to his consulting firm on Long Island were unanswered.