Report: SEC Sues Blackstone MD for Insider Trading Scheme

The SEC reportedly filed an insider trading case on Tuesday against Ramesh Chakrapani, a managing director at private equity firm Blackstone Group, for an alleged scheme involving shares of supermarket chain Albertsons.

Reuters and Dow Jones report that the complaint alleges that Chakrapani supplied a friend with material nonpublic information about Albertsons’ acquisition before the deal was announced, resulting in more than $3.6 million in illegal profits.  The SEC alleges that Chakrapani was part of the Blackstone team that advised Albertson’s on the deal.

Read the Reuters article