Thursday, the SEC announced charges would be filed against seven Wall Street executives and two companies involved in an insider trading ring possibly involving more than 15 pending corporate transactions.

Matthew Devlin, a former representative at Lehman Brothers, Inc. (NY) informed his friends, family and may have been involved in direct trades himself regarding 13 pending transactions at Lehman Brothers involving nonpublic confidential information.

The SEC’s complaint, published Thursday, said that Matthew Devlin did not himself have access to the information, rather, his wife, a partner in the New York head office of an international PR firm working on the deal, tipped Devlin off.

Allegedly, this has been ongoing since March 2004, and Devlin was rewarded for his participation in noncash luxury rewards, including a widescreen TV, Porsche driving lessons and luxury clothing.

Related criminal charges were filed in New York criminal court against some of the accused.

“The Commission is unwavering in its determination to pursue illegal insider trading by securities professionals, lawyers, and others. Today’s enforcement action is another example of the exemplary working relationships among the SEC, criminal authorities, FINRA and other self-regulatory organizations,” says the SEC, going on to say “As alleged in our complaint, many of the defendants took steps to evade detection. This case demonstrates the SEC’s ongoing commitment to pursuing sophisticated insider trading schemes.”

The SEC press release claims public stock of the following companies was involved in the insider trading; InVision Technologies, Inc.; Eon Labs, Inc.; Mylan, Inc.; Abgenix, Inc.; Aztar Corporation; Veritas, DGC, Inc.; Mercantile Bankshares Corporation; Alcan, Inc.; Ventana Medical Systems, Inc.; Pharmion Corporation; Take-Two Interactive Software, Inc.; Anheuser-Busch, Inc.; and Rohm and Haas Company.

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