insider trading

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Buffett: Sokol's Stock Purchases 'Inexcusable'

But he takes some responsibility for Berkshire Hathaway controversy

(Newser) - In his first public comments since announcing David Sokol’s resignation one month ago, Warren Buffett called the actions of his one-time heir apparent “inexplicable and inexcusable.” At yesterday’s shareholders meeting, Buffett also took some responsibility for the controversy surrounding Berkshire Hathaway’s acquisition of Lubrizol Corp....

Board: Ex-Buffett Lieutenant Broke Law, Duped Boss

Berkshire board issues scathing report on Sokol dealings

(Newser) - Warren Buffett's former heir apparent David Sokol misled his boss and violated insider-trading rules when he bought shares in Lubrizol and then recommended Berkshire Hathaway buy it , Berkshire's board has concluded. A scathing report from the board portrays Buffett as a victim of Sokol's deception and says...

Insider Trading Suspect Jumps to His Death

Seattle Genetics exec was accused of sharing clinical trial results

(Newser) - An executive accused of illegally profiting from inside knowledge of his company's promising new cancer drug jumped to his death from an airport parking garage in New Jersey. Zizhong Fan, manager of clinical programming at Seattle Genetics, is believed to have shared insider information on clinical trials involving the...

Facebook Fires Manager Over Insider Trading

Employee violated company policy on secondary stock markets: TechCrunch

(Newser) - Facebook gave one of its managers the boot after he violated company policy on insider trading, reports TechCrunch . Former corporate development manager Michael Brown bought company stock in the burgeoning secondary trading market, sources tell the site. Because Facebook is a private company, he apparently didn't violate any federal laws,...

Ex-Buffett Lieutenant: I Did Nothing Wrong

But in hindsight, David Sokol says, he shouldn't have mentioned company

(Newser) - David Sokol gave a lengthy, defiant interview on CNBC this morning, in which he breezily insisted that he’d done absolutely nothing wrong or unethical by buying 96,000 shares of Lubrizol , and then recommending boss Warren Buffett buy the company. Some had urged Sokol to get a securities lawyer...

Buffett's Heir Apparent Resigns Under Cloud

David Sokol steps down amid questions over stock buy

(Newser) - A Berkshire Hathaway executive once seen as the likeliest successor to billionaire investor Warren Buffett has abruptly resigned. David Sokol—who ran Berkshire subsidiaries including MidAmerican Energy and NetJets—says he is quitting to devote more time to philanthropy. His resignation, however, comes amid controversy over Sokol's acquisition of thousands...

FDA Chemist Made Millions Off Insider Data: Feds

Staffer is charged with insider trading

(Newser) - Maybe just a wee bit too greedy? Feds say an FDA chemist figured out that his inside information about drugs under review by the agency could pay off in the stock market, and he reaped at least $3.6 million since 2006, reports Bloomberg. The SEC and the Justice Department...

Crooks Show How Not to Cover Tracks
 Crooks Show How 
 Not to Cover Tracks 
DUMB HEDGE-FUND MANAGERS
Feb 9, 2011 12:27 PM CST

Crooks Show How Not to Cover Tracks

When destroying evidence, try to be discreet about it

(Newser) - It's bad enough two hedge fund managers have been charged with insider trading, but they're also being ridiculed for incompetence in trying to cover up their alleged misdeeds: “The evidence laid out in the complaint is largely the defendants’ own words," an FBI official tells the New York ...

Feds Make First Arrest in Insider Trading Sweep

Don Ching Trang Chu allegedly planned to flee to Thailand

(Newser) - Federal authorities have made the first of what's expected to be many arrests in their huge insider trading investigation . A US Attorney in Manhattan announced charges today against Don Ching Trang Chu, an employee of an expert-networking firm that supplied "market intelligence" to hedge funds. Prosecutors say the New...

Federal Investigation Could Redefine 'Insider Trading'

Prosecutors survey legal 'gray area' in landmark probe

(Newser) - Insider trading just isn’t what it used to be. As the feds mount a massive probe into the practice, its definition is becoming murkier: Where insider-traders of old simply whispered secret tips over the phone, today a wide range of data-gathering practices may be legally questionable, the AP reports....

FBI Raids CT Hedge Funds
 FBI Raids Conn. Hedge Funds 
Nov 22, 2010 1:09 PM CST

FBI Raids Conn. Hedge Funds

...as part of extensive insider-trading investigation

(Newser) - The FBI is undertaking an extensive insider-trading investigation, and raided two hedge fund offices in Connecticut today that are presumably part of it. Former managers at Steve Cohen's SAC Capital Advisors run both raided firms, Diamondback Capital Management LLC and Level Global Investors LP, the Wall Street Journal reports. The...

Feds See Massive Insider-Trading Network

Three-year investigation is among the biggest ever undertaken

(Newser) - You know that gray line that sometimes separates "expert advice" from the crime of insider trading? It's about to get a lot darker. The feds are wrapping up what the Wall Street Journal describes as a huge three-year investigation expected to bring an unprecedented array of charges against everyone...

Mark Cuban Wants to Pay to Investigate... Mark Cuban

But SEC isn't exactly jumping at the offer

(Newser) - Mark Cuban has so much money he wants to help the poor SEC pay for an investigation of, well, Mark Cuban. Accused of insider trading for his Mamma.com deal, Cuban figures that the slow-reading SEC attorneys will take eight months to wade through all the paperwork. So Cuban offered...

Congressional Staffers Play Market Using Inside Info

Many place bets on industries their bosses regulate

(Newser) - When Chris Miller doubled his investment in a renewable energy firm in 2008, he might have had an inkling that legislation was coming that would benefit the firm. After all, he’s Harry Reid’s top energy policy adviser. Confronted yesterday, a Reid spokesman said Miller had shown “poor...

Billionaire Wyly Brothers Accused of Insider Trading

The two are big conservative donors

(Newser) - The SEC has filed suit in New York against famed Dallas billionaire investors Sam and Charles Wyly, accusing them, their attorney, and their stockbroker of insider trading. The 78-page complaint alleges the Wyly brothers made $550 million in undisclosed gains over 13 years by trading in securities of companies on...

Disney Employee's Insider Trading Scheme Fizzles

Tip No. 1: Don't send out email blasts

(Newser) - A woman who worked as an administrative assistant to a Disney executive is accused of trying to sell business secrets to hedge funds. As New York magazine explains , she and her boyfriend got the not-so-bright idea to send out a blind email to hedge funds seeking customers. At least 20...

Galleon's Rajaratnam Charged in Fraud Case

Alleged inside-trader accused of conspiracy, securities fraud

(Newser) - Raj Rajaratnam was charged with five counts of conspiracy and six counts of securities fraud today, the first criminal charges related to allegations of insider trading at his Galleon group hedge fund. Danielle Chiesi, who prosecutors say was one of Rajaratnam's illicit collaborators, was hit with three counts of conspiracy...

Martha Stewart: I Lost a Billion Bucks in Prison

She laments loss to 'mankind,' smack talks Rachael Ray

(Newser) - Martha Stewart says she lost more than a billion dollars by going to prison, but don’t cry for her: it’s humanity that lost out. In an interview to air tonight on Nightline , Stewart laments having been “prosecuted in such a way,” saying she lost an “...

14 Charged as Galleon Insider Trading Case Widens

Feds finger Rajaratnam associates, lawyer

(Newser) - Two former Galleon Group employees and a Ropes & Gray lawyer were among 14 people charged today in the expanding insider trading case surrounding the hedge fund founded by Raj Rajaratnam, who was busted last month. The traders and lawyers snuck around, communicating in code over throwaway cellphones, but had...

Feds Missed Galleon Warning Signs

JPMorgan warned that fund dealt in 'grey areas'

(Newser) - The government says its star witness, Roomy Khan, was the first person to pass inside info to Galleon Group honcho Raj Rajaratnam, and went on to become a central part in his operation. Which is awkward, because Khan was prosecuted in 2000 for passing insider information to someone at Galleon—...

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