Reported by GABRIELLE HERZIG According to a new excerpt of Billy Walters’s autobiography, Gambler: Secrets From a Life at Risk, Walters writes that Phil Mickelson not only escaped the insider trading investigations that ultimately put Walters in prison, but also a separate money-laundering probe that originated in the spring of 2010. In an excerpt released last week, Walters […]
Reported by Editorial Staff of Traders Magazine When top financial market regulators on both sides of the Atlantic deliver speeches about the same technology within six days of each other, that’s a strong sign that technology is an important topic. This is the case with generative artificial intelligence, which Financial Conduct Authority Chief Executive Nikhil Rathi addressed on […]
Reported by Matt Levine Last August, Ryan Cohen did a very funny joke. Cohen — founder of online pet-food retailer Chewy, chairman of the board at GameStop Corp. and general meme-stock influencer and activist — had spent about $121 million to buy about 9.8% of Bed Bath & Beyond Inc.’s stock in early 2022, and […]
Reported by Eileen Kinsella Joe Lewis—billionaire art collector, currency trader, and owner of the Tottenham Hotspur soccer club—was charged with insider trading and financial fraud in New York today. According to the U.S. attorney statement and the indictment, Lewis received non-public information, such as, for example, imminent positive test results for biochemical companies as a […]
Reported by Frederick L. Block, Kelly L. Gibson, Susan D. Resley, Daniel B. Tehrani, Justin D. Weitz, Alyse (“Ali”) J. Rivett, and Michelle M. Arra The SEC filed four separate complaints in the US District Court for the Southern District of New York alleging insider trading by 13 defendants. Simultaneously, the US Attorney’s Office for […]
Reported by Kevin Dunleavy A former statistician at Pfizer and his associate have been charged (PDF) with insider trading, using advance information on a drug trial to make more than $350,000 from stock purchases they executed one day before the company announced trial results for COVID-19 drug Paxlovid. The U.S. attorney and the Securities and Exchange Commission […]
Reported by Pete S. Michaels and Alyssa C. Scruggs Registered reps beware: your personal device or messaging account is not the right place to conduct your business affairs, and regulators have made clear that they will not look the other way. In particular, the Financial Industry Regulatory Authority (“FINRA”) and member firms are cracking down […]
Reported by Sabrina Willmer and Patricia Hurtado Summary version of report featured below Recent rulings by the US Supreme Court and a lower appellate panel have made it more difficult to bring charges related to certain types of white-collar fraud cases. These decisions have narrowed the use of federal fraud statutes, limiting the ability to […]
Reported by Jacqueline Chervak, Edward Imperatore, and Brian Kidd On May 24, 2023, Edward A. Imperatore, a partner in Morrison Foerster’s Investigations + White-Collar Defense group and former Assistant U.S. Attorney for the Southern District of New York, moderated a panel, entitled “Market Abuse and Trading Related Prosecutions – Recent Developments and What Comes Next,” […]
Reported by Annalee Armstrong Former Immunomedics Chief Financial Officer Usama Malik has pleaded guilty to a charge of insider trading for tipping off his girlfriend that the biotech’s breast cancer drug had succeeded in a clinical trial, allowing her time to purchase shares before the information went public. Malik pleaded guilty to one count of […]
Financial Crime News Briefs 