‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInIt’s Time for Senators, House Members to Divest Stocks in Individual Publicly Traded Companies
Members of Congress over the years have introduced bills that would prohibit senators, representatives, and their senior staff from owning securities of individual publicly traded companies. Neither the House nor the Senate has passed such a law. As we urged in a letter we sent to House and Senate leadership recently , Congress should do […]
Dystopian Future Securities Fraud – Bloomberg
So we have talked about allegations that Senator Richard Burr did something wrong when he dumped stocks after receiving Intelligence Committee briefings about the coronavirus in February. There was a factual dispute about what secret information Burr did or did not receive in those briefings, and about whether or not he traded based on it, […]
First the Cyberattack Hits. Then the Insider Trading. | Institutional Investor
When companies get hacked, do their own employees and informed outsiders use that information in trading before the breach is disclosed? The answer is yes, according to our latest research. Source: First the Cyberattack Hits. Then the Insider Trading. | Institutional Investor
Critics outraged, Republicans silent as Trump pardons ex-Rep. Chris Collins | buffalonews.com
President Trump on Tuesday pardoned former Rep. Chris Collins, who was imprisoned in October after pleading guilty to felony insider trading charges. The early evening pardon prompted outrage from Collins’ critics and dead silence from Trump’s fellow Republicans. “Today, President Trump granted a full pardon to Chris Collins, at the request of many Members of […]
Pair convicted of insider trading lose appeal – FTAdviser.com
A former UBS compliance officer and her family friend have had their appeals against insider trading convictions quashed by the court. In June last year Fabiana Abdel-Malek and Walid Choucair were each convicted of five offences of insider dealing and sentenced to three years in prison at Southwark Crown Court. The case was brought by the Financial Conduct Authority […]
SEC Charges Former Controller of Now-Bankrupt Company with Insider Trading
The Securities and Exchange Commission today charged Edward T. Kelly, the former Controller of Aceto Corporation, with insider trading. According to the SEC’s complaint, after Kelly retired from Aceto in March 2018, the company formally retained him as a consultant to assist in closing Aceto’s books for the quarter ending March 31, 2018. While working […]
Banker Deletes WhatsApp From iPhone and Skirts Insider Trading Charge in London – Bloomberg
“It’s a difficult offense to prosecute, and more difficult these days because of the way people communicate with each other,” said Tim Thomas, who formerly worked at the FCA on enforcement cases. “If individuals are smart enough to use Whatsapp or Signal and then delete communications, it becomes very difficult to prosecute.” via Banker Deletes […]
SEC Charges Former Controller of Now-Bankrupt Company with Insider Trading
According to the SEC’s complaint, after Kelly retired from Aceto in March 2018, the company formally retained him as a consultant to assist in closing Aceto’s books for the quarter ending March 31, 2018. While working as a consultant, Kelly allegedly obtained non-public information about Aceto’s poor sales and earnings results and a pending impairment […]
SEC Charges Index Manager and Friend With Insider Trading
The Securities and Exchange Commission today charged Yinghang “James” Yang, a senior index manager at a globally recognized index provider, and his friend Yuanbiao Chen, a manager at a sushi restaurant, with perpetrating an insider-trading scheme that generated more than $900,000 in illegal profits. The SEC’s complaint alleges that between June and October of 2019, […]
San Diego Biotech Founder Charged with Insider Trading in $3.5 Billion Sale – Times of San Diego
Sepehr Sarshar was accused on Tuesday of misappropriating material nonpublic information from San Diego-based Auspex in early 2015 related to Teva’s expected tender offer, and passing tips to his girlfriend, two other friends and a close relative. The office of acting U.S. Attorney Audrey Strauss in Manhattan said the resulting trading in Nasdaq-listed Auspex generated […]