Tag: Insider trading

Written by FinCrime

CFTC Orders Freepoint Commodities LLC to Pay $91 million for Fraudulent Scheme to Misappropriate Material Non-Public Information

Reported by the Commodity Futures Trading Commission The Commodity Futures Trading Commission today issued an order simultaneously filing and settling misappropriation-based fraud charges against Freepoint Commodities LLC, a commodities merchant in Stamford, Connecticut. The fraudulent and deceptive conduct spanned from 2012 to 2018 and involved unlawful misconduct designed to obtain material non-public information from a […]

Written by FinCrime

Ex-Nuveen Trader Pleads Guilty to $47 Million Insider Scheme

Reported by Chris Dolmetsch A former Nuveen LLC trader admitted to tipping off an Oregon retiree about the asset management firm’s plans as part of an insider-trading scheme that netted them more than $47 million in illegal profits. Billimek, of Hailey, Idaho, admitted tipping off Alan Williams about upcoming Nuveen trades in companies including Lululemon […]

Written by FinCrime

The Latest in the SEC’s Off-Network Communications Enforcement Sweep

Reported by Katherine Doty Hanniford, Paul Monnin, and Albert Stieglitz, Jr. On September 29, 2023, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for what the SEC described as “widespread and longstanding failures to maintain and preserve electronic […]

Written by FinCrime

Goldman Insider Trader Did His Best

Reported by Matt Levine, Columnist Most of the cases of insider trading that I write about are dumb. There are two possible interpretations of this fact: I think either interpretation is entirely plausible; I lean toward Option 1 but I have little evidence for that.1 Anyway here are a US Securities and Exchange Commission enforcement actionand […]

Written by FinCrime

Gary Gensler is making the SEC into a banana republic

Reported by Charles Gasparino When you think of a ­“banana republic,” you think of corrupt dictators someplace distant, where the people in power control the economy and jail their political opponents. Places like this still exist in the world — and believe it or not, right here in the good ’ol US of A. Securities […]

Written by FinCrime

Russian Hacker Gets Nine Years in Prison for US Insider Trading

Reported by Chris Dolmetsch A Russian man with ties to the Kremlin was ordered by a US judge to serve nine years in prison for leading an insider-trading ringthat earned tens of millions of dollars by hacking into systems used by public companies to file earnings reports. Vladislav Klyushin, 42, was sentenced Thursday by US District […]