Daily Archives: November 4, 2008, 4:39 pm

Japan: SESC to Pursue Record Penalty of 20 Million Yen in Insider Trading Case

The Yomiuri Shimbun reports that Japan’s Securities and Exchange Surveillance Commission will pursue a record-high penalty of 20 million yen against an employee of a Tokyo-based IT company who allegedly committed insider trading. The article states that the SESC will urge the Financial Service Agency to issue the company employee with an order — on suspicion of insider trading in…

Read More

Reserve’s Primary Fund Returns Some Funds to Investors, Puts SEC in Middle of Dispute

In mid-September, Reserve Management Co. was the subject of numerous lawsuits (discussed here) after its Primary Fund became the first money-market mutual fund to ever expose retail clients to losses by “breaking the buck.” Although not guaranteed, money-market mutual funds shares historically remain at $1.00 per share. The Primary Fund and others funds of Reserve Management froze withdrawals for approximately…

Read More