insider trading

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Canadian Insider Trading Scheme Ends in Suicide

The sad tale of two greedy friends and their last, biggest score

(Newser) - When Stanko Grmovsek pled guilty to criminal charges stemming from his insider trading activity on Tuesday, it ended a paperback-worthy tale of friendship and deceit, Reuters reports in an in-depth look at the biggest insider trading scheme in Canadian history. A day before his plea, Grmovsek’s co-conspirator and best...

Feds: NY Hedge Fund Boss Funded Terror

Donations were funneled to Tamil Tigers

(Newser) - A hedge-fund manager busted for insider trading has been contributing money to a Sri Lankan terrorist group, according to FBI agents. Raj Rajaratnam came under scrutiny in a federal probe into the Tamil Rehabilitation Organization, a charity which was charged with funneling money to the Liberation Tigers of Tamil Eelam,...

Look Out, Wall Street: Feds Using Wiretaps Now

Insider trading case against Galleon is first to use the tactic

(Newser) - The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their...

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs...

Insider Trading Probe Targets 2 SEC Officials

Lawyers at regulator alleged to have traded financial stocks

(Newser) - Two lawyers with the SEC are under federal investigation for alleged insider trading, Reuters reports. The SEC's internal watchdog claims that they traded stock in a large financial services company, despite warnings from other employees that the company was under investigation. One of the two works in the SEC's Office...

SEC May Charge Mozilo of Countrywide With Fraud

(Newser) - The long slide from the top continues for former Countrywide chief Angelo Mozilo. Staffers at the SEC have recommended filing a civil suit against him on charges of fraud and insider trading, reports the Los Angeles Times. Countrywide had been the nation’s largest mortgage lender before it nearly went...

20 Crime Probes Launched Into Bailout Fraud

Inspector calls TARP 'inherently vulnerable' to insider trading, abuse

(Newser) - Federal authorities have begun 20 separate investigations into possible fraud, tax violations, insider trading, and other criminal activities surrounding Henry Paulson's $750 billion Troubled Asset Relief Program, reports the Los Angeles Times. It's only the first round of probes, according to the bailout program's inspector general, who called TARP "...

Financial PR Firms Walk a Thin Line
Financial PR Firms
Walk a Thin Line
analysis
Dec 22, 2008 6:24 PM CST

Financial PR Firms Walk a Thin Line

(Newser) - An insider trading case has exposed the potentially problematic relationship between PR companies and corporate clients, and it could have dire consequences for at least one firm, Reuters reports. A Lehman Brothers employee is charged with leaking merger information he got from his wife, a partner at the Brunswick Group...

SEC: Ex-Lehman Broker Stole Inside Info From Wife

$4.8m conspiracy earned cash, luxe rewards

(Newser) - A former Lehman Brothers broker was charged yesterday in a $4.8 million insider trading scheme built on his PR-exec wife’s knowledge of upcoming mergers, the AP reports. Matthew Devlin passed information to friends and associates (including former Playboy model Maria Checa), and won cash, luxury goods, and tuition...

Execs Cashed Out as Subprime Giant Staggered

Irregular trades by execs at doomed subprime firm raise questions

(Newser) - Bosses at one of the country's biggest subprime lenders made some suspicious stock sales as the firm's mortgages soured, a Los Angeles Times investigation reveals. Records show that executives at now-bankrupt New Century Financial sold nearly $20 million in company shares shortly after setting up new trading plans, often within...

China's Richest Man Vanishes Amid Probe

Tycoon was said to be under investigation for insider trading

(Newser) - China's biggest electronics retailer is trying to find out what happened to its founder, Marketwatch reports. Huang Guangyu, ranked the richest man in China in a recent report, has been not been seen since last week. The tycoon was being investigated for insider trading, but company representatives said government officials...

Mark Cuban Hit With Insider-Trading Charges

Owner of NBA's Dallas Mavericks accused in 2004 stock sale

(Newser) - Dallas Mavericks owner Mark Cuban was charged today with insider trading, the Dallas Morning News reports. The government alleges that, in 2004, Cuban spoke with the CEO of a company in which he held shares, and was told, confidentially, of a new stock offering that would dilute the value of...

Feds Hunt for Scams in Crude Oil Trading

Speculators may be driving up crude by manipulation

(Newser) - Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be...

Ex-Qwest CEO's Conviction Overturned

Exclusion of expert testimony nets Nacchio new trial

(Newser) - A federal appeals court overturned Joe Nacchio’s guilty verdict today and ordered a new trial for the ex-Qwest CEO before a different judge, the Denver Post reports. The court ruled that the district judge who presided over Nacchio's trial on insider trading charges erred in excluding testimony from an...

Trader Won't Be SocGen's 'Scapegoat'

Kerviel breaks silence, says bank turned a blind eye to scheme

(Newser) - Jerome Kerviel will not “be made a scapegoat” for the huge losses at Société Générale, he told AFP today in his first public comments since his trading scheme was discovered. Kerviel said he had been “designated” as the sole wrongdoer by the French bank, which...

FBI Targets 14 Firms in Subprime Fraud Probe

Suspected cases of mortgage fraud up in two years

(Newser) - The FBI is investigating 14 companies linked to the subprime mortgage crisis, the Wall Street Journal reports. The bureau is pursuing allegations including accounting fraud  and insider trading, said a bureau spokesman. An investigation into the complex secondary mortgage market could implicate major firms that have lost billions of investor...

SEC Opens ABN Amro Insider Trading Probe

European banks' transactions ahead of merger under scrutiny

(Newser) - The US Securities and Exchange Commission has opened an inquiry into possible insider trading surrounding last year's takeover of Dutch bank ABN Amro. Holland's Financieele Dagblad reports that Fortis, Barclays, Santander, and Royal Bank of Scotland—which eventually won the bidding—have been asked for information about trading in ABN...

Feds Investigate Bear Stearns Fund Manager

Insider-trading probe targets $2M move ahead of fund collapse

(Newser) - The manager of hedge funds that lost $1.6 billion when they went bankrupt in July has left Bear Stearns, and federal investigators are looking into whether he withdrew his own money before the collapse. Ralph Cioffi moved $2 million in March—before the funds tanked in the subprime collapse—...

Oracle CEO Sells Off $500M, With More To Come

But investors aren't worried as Ellison liquidates 26 million shares

(Newser) - The CEO of Oracle sold off half a billion dollars of stock, but analysts contend that the liquidation shouldn't worry investors. Markets noticed when Larry Ellison sold 26 million shares of the software company he founded in 1977. But the Wall Street Journal writes that past sell-offs haven't triggered broad...

Insider Trading May Have Net Variant

Agency investigates claims of shady profits from domain names

(Newser) - Someone call Michael Milken: Insider trading trailblazers may have found a new perch online. ICANN is investigating a poaching practice it's calling “front running,” in which buyers with inside information grab desirable domain names before others can register them. Speculation on the shadowy URL snatchers runs to viruses...

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