A trio of Russian citizens used inside information obtained by one of their number who worked for UBS to make over $1 million in illicit profits, according to a US Securities and Exchange Commission filing.

From 2005 through 2009, Igor Poteroba, Aleksey Koval and Koval’s friend Alexander Vorobiev were part of a ring that traded in advance of at least eleven mergers, acquisitions and other business combinations, the filing says.

Poteroba got the information through his work as an investment banker in UBS Securities' global healthcare group and tipped his friend, Koval, who in turn tipped his friend, Vorobiev.

The scheme began when, the SEC says, Koval and Vorobiev traded in advance of the acquisition of Guilford Pharmaceuticals by MGI Pharma. Using among other means of communication coded email messages that referred to securities as “frequent flier miles” and “bonus miles,” Poteroba urged Koval to purchase Guildford securities prior to the public announcement of the Guildford acquisition.

Poteroba also supplied information to Koval using coded messages that referred to securities or money as Macy’s wedding registry gifts or “potatoes.”

From June 2000 until January 2006, Koval was employed by Citigroup Asset Management and, from January 2006 until his termination in March 2009, by Western Asset Management, a subsidiary of Legg Mason. He is currently believed by the SEC to be employed with Northern Trust in Chicago.