Back in November I applauded the SEC for its ability to crack the unusual insider trading case allegedly perpetrated by the Estonian Spider Hackers.  I concluded that post by stating that I'd love to know the story behind how the SEC finally caught these guys.

Now, thanks to this detailed article by Sonja Sherwood of the Philadelphia Business Journal, the full story is available.  The article is a very flattering look at the efforts by Dan Hawke and others in the SEC's Philadelphia office to solve the mystery of an Estonian brokerage firm that made hundreds of perfectly-timed trades where they were able to buy on upcoming good news and sell on upcoming bad news.