(Bloomberg) — A Banco Santander SA analyst and an accomplice illegally reaped nearly $1.1 million with insider trades before BHP Billiton Ltd.’s $39 billion takeover bid for Potash Corp. of Saskatchewan Inc., U.S. regulators said.Juan Jose Fernandez Garcia, 35, and Luis Martin Caro Sanchez, 36, used accounts at the same U.S.
Posts Tagged ‘Insider Trading’
Santander Analyst Accused of Insider Trading in Potash Takeover Bid
August 25th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Barclays Capital, Bhp Billiton, Bhp Billiton Ltd, Bnp Paribas, Derivatives Research, Insider Trades, Insider Trading, Jose Fernandez Garcia, Jpmorgan Securities, Juan Jose Fernandez, Market Abuse, Potash Corp Of Saskatchewan, Potash Corp Of Saskatchewan Inc, Royal Bank Of Scotland, Royal Bank Of Scotland Group, Royal Bank Of Scotland Group Plc, Scotland Group Plc, Securities And Exchange Commission, Takeover Bid, Td Securities Inc 
Comments OffFormer-IBM Executive Claims His Mistress Made Him Do It
August 19th, 2010 Before You Invest Above: Danielle ChiesiA former executive at IBM, who was once considered for the role of CEO, has claimed he was “played” by a mistress to provide details of data used to inform insider trades.The legal team representing Robert Moffat submitted papers to a US court stating that his “intimate and personal relationship” with Danielle Chiesi, a trader at New Castle Funds, led to the tips being provided.Mr Moffat pleaded guilty to charges of conspiracy and securities fraud earlier in the year as one of numerous persons involved in an alleged insider trading ring within the Galleon Group.Ms Chiesi has pleaded not guilty as part of a different trial to Galleon Group co-founder Raj Rajaratnam, who has also filed a not-guilty plea.Papers filed in the court by the Mr Moffat’s legal team, which were quoted by Bloomberg, said: “Ms.
Posted in Finance Fraud Tags: Ceo, Chiesi, Co Founder, Conspiracy, Contrary, Galleon, Galleon Group, Guilty Plea, Ibm, Insider Trades, Insider Trading, Led, Mistress, New Castle, Personal Relationship, Plea Papers, Raj Rajaratnam, Recipient, Robert Moffat, Securities Fraud Comments OffFormer Deloitte and Touche Partner and Son Charged With Insider Trading
August 7th, 2010 Before You Invest The Securities and Exchange Commission today charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients.The SEC alleges that Thomas P. Flanagan of Chicago traded in the securities of Deloitte clients, often while serving as a liaison between those companies’ management teams and Deloitte’s audit engagement teams.
Posted in Finance Fraud Tags: Audit Clients, Audit Engagement, Audit Engagements, Best Buy, Confidential Information, Deloitte And Touche, Deloitte And Touche Llp, Deloitte Clients, Deloitte Touche, Earnings Results, Flanagans, Insider Trading, Liaison, Management Teams, Possession, S Consulting, Sears, Securities And Exchange, Securities And Exchange Commission, Walgreens Comments OffSEC Awards $1 Million for Information Provided in Insider Trading Case
July 27th, 2010 Before You Invest Securities and Exchange Commission v. Pequot Capital Management, Inc., et al., Civil Action No. 3:10-CV-00831-CVD (United States District Court for the District of Connecticut, Complaint filed May 27, 2010).The Securities and Exchange Commission today announced the award of $1 million to Glen Kaiser and Karen Kaiser of Southbury, Connecticut, who provided information and documents leading to the imposition and collection of civil penalties in the above litigation.
Posted in Finance Fraud Tags: Capital Management Inc, Civil Penalties, Cvd, Disgorgement, District Of Connecticut, Glen Kaiser, Hedge Fund, Insider Trading, Kaisers, Key Evidence, Microsoft Corp, Microsoft Employee, Pequot Capital Management, Pequot Capital Management Inc, Sec Staff, Securities And Exchange Commission, Southbury Connecticut, States District Court, United States District, Zilkha Comments OffSEC to pay $755,000 damages to ex-lawyer
July 3rd, 2010 Before You Invest A former lawyer for the Securities and Exchange Commission (SEC) who claimed he was unjustly fired after trying to investigate an insider trading ring is to receive $755,000 in hurts.Gary AguirreGary Aguirre, who was fired by the SEC in September 2005, alleged that he was let go by the organisation after attempting to probe trades made by hedge fund Pequot Capital Management.The ex-lawyer claimed that senior officials at the regulator prevented him from interviewing John Mack, an executive who at the time was a candidate for the role of chief executive officer at Morgan Stanley.It was alleged by the legal expert that his determination to pursue the investigation led to his eventual dismissal by the SEC.The SEC’s pay out will include the cost of his legal fees and salary equivalent to that of four years and ten months.John Nester, SEC spokesman, said: “The settlement resolves all outstanding litigation between the parties and reflects the agency’s determination to focus on its core mission of protecting investors.”In May Pequot Capital and Arthur Samberg, the hedge fund’s founder and chairman, agreed to pay $28 million in fines to the SEC to settle charges of insider trading in relation to shares in Microsoft Corp.
Posted in Finance Fraud Tags: Aguirre, Arthur Samberg, Capital Management, Chief Executive Officer, Core Mission, Damages, Hedge Fund, Insider Trading, John Mack, Lawyer, Legal Expert, Litigation, Microsoft Corp, Morgan Stanley, Nester, Pequot Capital, Securities And Exchange, Securities And Exchange Commission, Senior Officials, Spokesman Comments OffGoldman Sachs board member quizzed over insider trading
April 16th, 2010 Before You Invest Rajat Gupta, a member of Goldman Sachs’ board of directors, is under investigation for allegedly providing insider information to the Galleon Group founder Raj Rajaratnam, a newspaper report has claimed.Unnamed sources close to the matter told Wall Street Journal that Mr Gupta, thought to be an associate of Mr Rajaratnam, is being investigated.Mr Rajaratnam is one of 22 traders charged over alleged involvement in what is thought to be one of the largest insider trading rings of all time.A recent letter, filed in court last week, revealed that stocks in Goldman Sachs, along with Cisco and AT&T, were among those illegally traded by the Galleon Group founder and his accomplices.A spokesman for the member of Goldman Sachs’ board told the news provider: “Mr Gupta is unaware of any examination of any such issue and has done nothing incorrect.”No criminal charges have been filed against the banker.Meanwhile, Mr Rajaratnam and his colleague Danielle Chiesi both deny the charges against them.A trial is expected to start at a federal court in New York later this year.
Posted in Finance Fraud Tags: Accomplices, Board Member, Board Of Directors, Cisco, Colleague, Criminal Charges, Galleon, Galleon Group, Goldman Sachs, Group Founder, Gupta, Insider Information, Insider Trading, Mr Rajaratnam, Newspaper Report, Quizzed, Raj Rajaratnam, Unnamed Sources, Wall Street, Wall Street Journal Comments OffFSA insider trading probe leads to six arrests in Great Britain
March 24th, 2010 Before You Invest An investigation into insider trading undertaken by the Financial Service Authority (FSA) and the Serious Organised Crime Agency (SOCA) has led to six arrests.According to the regulatory body, two senior executives and one professional from a hedge fund are among those arrested in connection with insider deals.The unnamed workers were taken into custody following searches in 16 locations across London, the South East and Oxfordshire.A number of computers and documents were seized from addresses, which included both business and residential premises.In a statement, the FSA said: “It is believed that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result.”The investigation is the fifth set of arrests in conjunction with insider dealing that the organisation has carried out since 2008.A number of traders have recently been imprisoned due to their involvement in insider deals.Malcom Calvert, Matthew and Neel Uberoi and Christopher McQuoid and James Melbourne are the individuals which have received jail sentences following an investigation by the FSA.
Posted in Finance Fraud Tags: Calvert, City Professionals, Conjunction, Fsa, Great Britain, Hedge Fund, Insider Trading, Jail Sentences, Melbourne, Middlemen, Neel, Oxfordshire, Profits, Regulatory Body, Residential Premises, Senior Executives, Serious Organised Crime, Serious Organised Crime Agency, Soca, Uberoi Comments OffEx-Investment Banker Charged With Insider Trading
March 15th, 2010 Before You Invest (Bloomberg) — Christian Littlewood, a former banker at Shore Capital Group Plc and Commerzbank AG’s Dresdner Kleinwort, and his wife have been charged with insider trading by the U.K. financial regulator.Littlewood, faces 13 counts of insider trading with his wife, Angie Littlewood, the Financial Services Authority said today in a statement.
Posted in Finance Fraud Tags: Alternative Investment Market, Capital Group, Chase Co, Commerzbank, Commerzbank Ag, Comoros Islands, Company Lawyer, Corporate Finance Adviser, Criminal Case, Criminal Prosecution, Deterrence, Dresdner Kleinwort, Financial Regulator, French Territory, Insider Trading, Investment Banker, Jpmorgan Chase, Littlewood, Mayer Brown, Wife Angie Comments OffFormer Cazenove partner given 21 month prison sentence
March 13th, 2010 Before You Invest Malcolm Calvert, a former partner in Cazenove, has been given 21 months in prison for insider trading.He had been found guilty of the practice earlier in the week following evidence given in court against him by his former friend Bertie Hatcher, who was also involved in insider dealing.Calvert is estimated to have made more than £100,000 ($150,520) from buying and selling around 420,000 shares in six different companies with the aid of information not made available to the wider public.As he passed sentence on the ex-Cazenove executive, Judge Peter Testar stated that Calvert was fully aware that his activities were criminal and had behaved in a deliberate rather than reckless manner.The judge added that insider trading is not a victimless crime.”It leads to the dishonest enrichment of a few at the expense of the public interest and of confidence in a clean and honest market,” he said.
Posted in Finance Fraud Tags: 21 Months, Bertie, Calvert, Cazenove, Confidence, Different Companies, Insider Trading, Partner, Prison Sentence, Public Interest, Reckless Manner, Victimless Crime Comments OffMore Wore Wires in Bid to Investigate Inside Trades in Galleon Case
March 11th, 2010 Before You Invest The Wall Street Journal- Federal prosecutors in Manhattan equipped several cooperating witnesses with recording devices to try to obtain information about targets in the Galleon insider-trading probe, people familiar with the matter say. Among them is Franz Tudor, a former Galleon Group hedge-fund trader, the people familiar with the matter say. Mr. Tudor, 36 years ancient, made recordings last year in an attempt to extract information from two friends and colleagues who are defendants charged in an insider-trading conspiracy, Zvi Goffer (left) and Michael Kimelman, the people say.more at http://online.wsj.com/article/SB10001424052748704145904575112132401351258.html
Posted in Finance Fraud Tags: Attempt, Bid, Colleagues, Conspiracy, Federal Prosecutors, Fund Trader, Galleon, Galleon Group Hedge Fund, Goffer, Insider Trading, Manhattan, People Online, Targets, Trades, Tudor, Two Friends, Wall Street, Wall Street Journal, Wsj, Zvi Comments Off
