Reported by Dave Michaels It is a safe harbor executives have enjoyed for 25 years to protect against insider-trading charges: commit to sell slices of their portfolio in the future, regardless of market events. The strategy helps company insiders show they aren’t trading on secrets unknown to investors. But jurors on Friday didn’t buy that […]
Reported by Jacqueline Alemany Members of Congress hear a lot of secrets: classified briefings, confidential previews of pending legislation and the private opinions of constituents, regulators, corporate executives and world leaders. Watchdog groups have long believed that some lawmakers use that information to make money in the stock market. Now a loose alliance of traders, […]
Reported by Business Desk Hong Kong’s securities regulator has initiated insider dealing proceedings against Segantii Capital Management, a leading hedge fund in Asia, along with its founder, Simon Sadler, and former trader, Daniel La Rocca. The charges stem from alleged insider trading in the shares of a Hong Kong-listed company prior to a block trade […]
Reported by Chris Prentice The U.S. Securities and Exchange Commission is scrutinizing whether investment advisers and other firms have strong enough policies to ensure nonpublic information is not misused to gain an illegal edge in trading, a top official told Reuters. The SEC is looking to crack down on ineffective policies and procedures as part […]
Reported by Rachel Graf The US Securities and Exchange Commission won a jury verdict in its ground-breaking insider-trading case that sought to bar employees from using non-public information about their own company to place bets on rival stocks. The closely watched San Francisco civil trial was the regulator’s first enforcement action targeting so-called shadow trading, a widespread […]
Reported by Maria Evstropova and Tammy Li Market abuse and insider trading may often be associated with nefarious TV hedge funds, slick-haired Hollywood characters or, simply, bad actors making opportunistic decisions. However, recent publications and notices from the UK Financial Conduct Authority (FCA) may point to the increasingly treacherous and shrouded world of criminal enterprises […]
Reported by AMANDA GERUT The U.S. Attorney unsealed an indictment yesterday charging three current and former minor league baseball players with insider trading in Del Taco stock ahead of the fast food chain’s $585 million acquisition by Jack in the Box in 2022. The three players, Austin Bernard, Jordan Qsar and Grant Witherspoon are connected because Qsar, 28, and Bernard, 27, attended […]
Reported by Alex Koller Andy Bechtolsheim, the co-founder of Sun Microsystems and Arista Networks, has reached a settlement with the U.S. Securities and Exchange Commission on insider trading charges that will cost him almost $1 million and bar him from serving as a public company officer or director for five years. The civil charges announced Tuesday […]
Reported by Emily Flitter On Thursday, the bank’s main federal regulator, the Office of the Comptroller of the Currency, fined JPMorgan $250 million over the omissions. The action followed a $98.2 million penalty from the Federal Reserve on March 8. The bank recently told investors in a public filling that a third regulator is preparing […]
Reported by LEO SCHWARTZ As the legal debate continues over whether sales of cryptocurrencies constitute securities, all eyes have been on a court case involving a Coinbase employee sharing insider information with his brother and a friend. While the main defendant, former Coinbase employee Ishan Wahi, and his brother have reached settlements with both the […]
Financial Crime News Briefs 