He tipped the traders on UBS analyst recommendation upgrades or downgrades, using secret codes sent on disposable cellphones.

FORBES: Helter-Skelter On Wall Street

The committee formally decides the rating, although it usually follows the lead analyst's recommendation.

ECONOMIST: Credit-rating agencies

For each stock, StarMine scores the analyst based on the level of recommendation (strong buy, buy, hold, sell or strong sell) and the performance of the stock relative to a market-cap-weighted index of the stocks in the same industry.

FORBES: A Short Description

There have been out-of-court settlements, notably Merrill Lynch's recent one with a client unhappy at a buy recommendation made by Henry Blodget, the firm's dotcom analyst.

ECONOMIST: Recriminations against Wall Street

Franklin left Bear Stearns in early 2002 to join Chelsey Capital as an analyst, where he told portfolio manager Mark Lenowitz, 43, about his arrangement with Guttenberg to get the recommendation changes in advance.

FORBES: Magazine Article