A former Microsoft employee was sentenced to two years in prison for his part in an insider trading scheme that netted more than $400,000.» Read More
James Altucher describes one of the alleged insider trades made by Galleon:
“They could have just as easily come in before hours and gotten what they wanted,” said an employee at Diamondback Capital Management. “Why did this have to be in a dramatic, Hollywood manner?”
CNBC reports: "The FBI has made an arrest in the so called 'Expert-Network' case. Don Chin Trang Chu was arrested Wednesday on conspiracy charges in connection with his employment at an "expert-networking" firm."
The insider trading dragnet has sparked terror among the rank and file of Wall Street.
The approach to insider trading that the government is lately employing got an interesting test today.
In what may be today's most titillating—though maddeningly vague—newsflash, SAC Capital Advisors informed investors that they have received a government subpoena.
John Kinnucan , an independent analyst, said the FBI approached him and said, "there was a very large insider trading ring investigation that they were conducting and one of my clients was a focus of the probe and they wanted my help in basically incriminating this individual."
John Kinnucan told CNBC that the FBI said "there would be trouble" unless he agreed to help them incriminate one of his clients.
Over the weekend, we learned that the federal government has gone into panic mode over insider trading. It is using the kind of tactics developed to fight mobsters and later terrorists to root out and punish the use of non-public information by hedge fund traders. It's the equivalent of TSA Rapiscan body scanners or invasive pat-downs at airports.
Diamondback Capital Management, one of the three firms that was raided Monday by the Federal Bureau of Investigation, says that its cooperating with the FBI's investigation.
Plus, a call on the market’s top high-growth stocks.
The FBI conducted raids on three hedge funds today, in connection with its massive investigation on insider trading on Wall Street.
More absurdity from the SEC this week.
It’s been clear for nearly a year that the government has been targeting Steve Cohen’s SAC Capital in its insider trading dragnet. But it seems like the government keeps coming up empty.
Peter Lattman’s NYT story provides some perspective, noting that Justice and the SEC “have taken an increasingly aggressive — and public — stance in pursuing insider trading” and that the prosecutor in the latest case (as in the Galleon case), Manhattan U.S. attorney Preet Bharara, is among those taking the “hardest line.”
Lurking just below Peter Lattman’s report of the broad federal dragnet apparently underway against insider trading, you can faintly make out the outlines of a new theory of criminalizing insider trading.
Golf and finance go together—as everyone knows.
Japan’s financial regulator and the Tokyo Stock Exchange are investigating recent trading activity following allegations of widespread insider trading ahead of new share issues by Japanese companies. The FT reports.
Many recent SEC cases have one thing in common: an increasingly broad definition of what insider trading actually means.
As a follow-up to yesterday’s Page 1 Wall Street Journal story about possible insider trading by Capitol Hill Staffers, the WSJ’s Deal Journal tracked down the professor whose 2004 study started the controversy over political insider trading.