A U.S. Food and Drug Administration chemist and his son were charged with using inside information about drug approvals to reap more than $3.6 million in profits, in an embarrassing blow to the health industry regulator. Get the full story »
Inside these posts: Insider trading
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Ex-Goldman director accused of insider trading
Former Goldman Sachs board member Rajat Gupta is being accused by regulators of passing along inside information about the bank to a prominent hedge fund manager.
Former Disney staffer sentenced in trading scheme
A former Walt Disney Co. administrative assistant was sentenced to four months home detention Tuesday after admitting to engaging in a scheme last year to sell early access to the entertainment company’s earnings.
Federal prosecutors in Manhattan alleged that Bonnie Hoxie, the former assistant to Disney’s head of communications, gave her then-boyfriend Yonni Sebbag information about Disney’s results before their public announcement last spring. Get the full story »
U.S. to announce more insider trading charges
U.S. prosecutors said they plan to announce insider-trading charges against three hedge fund managers and a hedge fund analyst. Get the full story »
Bronfman fined in Vivendi insider trading case
A French court fined Warner Music Group Chairman and CEO Edgar Bronfman Jr. 5 million euro ($6.7 million) on Friday for misleading investors about the Vivendi media conglomerate when he was a top executive there.
The court also convicted former high-flying Vivendi CEO Jean-Marie Messier of misusing company funds and misleading investors and handed him a three-year suspended prison sentence. Get the full story »
Dec. 29, 2010 at 1:20 p.m.
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Filed under: Crime, Criminal charges, Technology, Telecommunications U.S. announces new insider trading arrest
A California woman has been arrested on charges of leaking secrets about technology companies to hedge funds, as federal prosecutors expand their probe into insider trading. Get the full story »
Insider trading suit against Deerfield doc dismissed
An insider-trading lawsuit against a Deerfield ophthalmologist has been dismissed after a judge found that the U.S. Securities and Exchange Commission did not have enough evidence to show that the doctor possessed material, nonpublic information.
In February, the SEC had filed a civil suit against Dr. Gerald Horn, accusing him of engaging in illegal insider trading in the stock and options of his employer, LCA Vision Inc., between December 2005 and August 2006. The trades resulted in illicit gains of $1.4 million, the SEC said.
The SEC alleged that Horn accessed nonpublic information contained in monthly reports that listed the number of laser eye surgeries performed companywide to determine whether LCA would meet its quarterly revenue targets. He then made successful options purchases on the basis of that information, the SEC said. Get the full story »
FBI charges 4 in insider trading crackdown
Three employees at public companies and an executive of an expert-networking firm on Thursday became the latest to be charged in a wide-ranging Wall Street insider trading probe.
James Fleishman, 41, of Santa Clara, Calif., the networking executive, was charged with wire fraud and conspiracy for providing confidential information to the firm’s clients, including hedge funds, U.S. Attorney Preet Bharara said. Get the full story »
Citadel, others subpoenaed in insider trading probe
Federal authorities, intensifying an insider-trading investigation, are demanding trading and other information from some of the nation’s most powerful investment firms.
Hedge-fund giants SAC Capital Advisors and Citadel Asset Management, big mutual-fund company Janus Capital Group Inc. and Wellington Management Co., one of the nation’s biggest institutional-investment firms, have received subpoenas from the Manhattan U.S. Attorney’s office seeking trading, communications and other data as part of a broad criminal investigation, according to people familiar with the matter. Get the full story »
Chicago hedge fund Balyasny examined in probe
A three-year insider-trading investigation shifted into high gear Monday as government agents raided the offices of three large hedge funds, sending shock waves through the financial world. In coordinated raids in New York, Connecticut and Massachusetts, Federal Bureau of Investigation agents seized documents at the offices of Level Global Investors LP, Diamondback Capital Management LLC and Loch Capital Management LLC.
Another hedge fund whose activities are being examined is Chicago-based Balyasny Asset Management LP, the people familiar with the matter say. Balyasny, which reported $1.8 billion in assets under management at midyear, didn’t respond to requests for comment. Get the full story »
Kraft deal in code: Krypton took over Chromium
Animals, chemicals, and astronomical phenomena have disguised some of 2010’s takeovers, and dealmakers may have to come up with more aliases to keep their plans secret as mergers and acquisitions accelerate.
Speaking in code is nothing new in a world of “bear hugs,” “poison pills,” and “white knights” but the colourful terms are an important guard against leaks that could torpedo a deal or facilitate insider trading. Get the full story »
ImClone’s Waksal back with pharma deal
Sam Waksal, the former chief executive of ImClone Systems Inc., whose insider trading scam sent him and Martha Stewart to prison, Monday announced an acquisition meant to catapult him back into the biotech game.
Waksal said that his drug company Kadmon Pharmaceuticals has bought the privately held Three Rivers Pharmaceuticals and that its treatments for hepatitis C, infections and cancer will be the backbone of his new enterprise. Get the full story »
Oct. 15, 2010 at 3:18 p.m.
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Filed under: Investigations, Litigation, Real estate, Updated Countrywide’s Mozilo settles suit for $67.5 million
Angelo R. Mozilo, who presided over the spectacular rise and devastating fall of Countrywide Financial Corp., struck a deal Friday to avoid going to trial next week on accusations of investor fraud and insider trading. Mozilo agree to pay $22.5 million in fines to the SEC and to turn over $45 million in ill-gotten gains to former shareholders who have sued him.
SEC delays Rattner case, NY probe ongoing
A proposed settlement between Steven Rattner, the former head of the U.S. auto task force, and the Securities and Exchange Commission over a pension corruption scheme was unexpectedly pulled from Thursday’s calendar, one source with knowledge of the matter said Thursday. Get the full story »
Defense contractor found guilty in fraud
A former body armor magnate, who supplied the U.S. military and law enforcement agencies, and another executive were found guilty by a jury on Tuesday of orchestrating a $190 million fraud. Get the full story »
