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Join the Securities Litigation and Enforcement Group on LinkedInSpain: Prosecutors Will Appeal Court Decision Clearing Telefonica’s Alierta of Insider Trading
Spain’s anti-corruption prosecutors said today that they will appeal last week’s court decision clearing Telefonica chairman Cesar Alierta of insider trading charges. As previously discussed here, Cesar Alierta was cleared of insider trading charges on Friday of last week due to Spain’s statute of limitations laws. Reuters reports that it could take at least a […]
Spain: Telefonica SA Chairman Cesar Alierta Cleared of Insider Trading Charges
In Spain, Telefónica SA Chairman Cesar Alierta was cleared of insider trading charges today. The WSJ reports that Spanish court documents show that the court cleared Alierta of charges that date back to the late 1990s due to Spain’s statute of limitations laws. Alierta has repeatedly denied any wrongdoing and is “one of Spain’s most […]
Spain: Telefonica SA Chairman Cesar Alierta Flatly Denies Insider Trading Charges
In his criminal trial for insider trading that began this week (previously discussed here), Telefonica Chairman Cesar Alierta boldly denied the charges against him, stating “I didn’t buy one share of Tabacalera, either directly or indirectly, in 1997.” He testified that the charges were the result of a prosecutor that “did not properly understand the […]
Santander Offers to Repay Madoff Victims in its Optimal Strategic US Equity Fund
Yesterday, Spain’s Banco Santander became the first institution to offer to repay victims in the alleged Madoff fraud, as it attempted to avoid lawsuits. FT reports that Santander offered to “pay back 100 per cent of the investments made in the Optimal Strategic US Equity fund, which was wholly invested with Mr Madoff, to individual […]
Spain: Prosecutors Looking at Banco Santander’s Loss of Over $3 Billion
Spanish prosecutors are investigating Banco Santander SA’s loss of €2.3 billion ($3.1 billion) for clients by investing with Bernard Madoff. Prosecutors are specifically looking into the details of Santander’s relationship with Madoff’s firm and when Santander knew about problems related to it, the WSJ reports today. Santander was among the most active of the Madoff […]