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.
Posts Tagged ‘Senior Executives’
FSA insider trading probe leads to six arrests in Great Britain
March 24th, 2010 
Before You Invest 
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 OffNorthern Trust CEO Waddell paid $11.9M, a 42% hike
March 16th, 2010 Before You Invest (Crain’s) — Northern Trust Corp. CEO Frederick “Rick” Waddell saw his total compensation for 2009 rise 42% to $11.9 million, including a $2-million cash incentive plot payment.His 2009 salary increased to $900,000 from $856,250 in 2008, when that salary was the only cash payment Mr. Waddell received.
Posted in Finance Fraud Tags: 5 Million, 6 Million, Cash Awards, Cash Incentive, Cash Payments, Descendants, Equity Stake, Federal Compensation, Financial Crisis, Incentive Plan, Laflin, Net Income, Northern Trust Corp, Preferred Shares, Rick Waddell, Salary, Senior Executives, Smith Family, Substantial Equity, Treasury Department Comments OffDiscover Financial hikes exec salaries in response to bailout restrictions
February 23rd, 2010 Before You Invest Learn Financial Services Inc. has sharply raised the base salaries of CEO David Nelms and other senior management as it contends with bonus restrictions imposed by the federal Troubled Asset Relief Program.But the Riverwoods, Illinois -based credit card company is making most of the increases in the form of company stock rather than cash.Mr.
Posted in Finance Fraud Tags: 30 Million, Bailout, Base Salaries, Base Salary, Chief Operating Officer, Company Stock, David Nelms, Executive Salaries, Guthrie, Hochschild, Holding Periods, Loan Losses, Preferred Shares, Proxy Statement, Riverwoods Illinois, Senior Executives, Senior Management, Top Lieutenants, Treasury Department, Visa Network Comments OffMB Financial rejiggers CEO Feiger’s pay to meet TARP rules
December 7th, 2009 Before You Invest (Crain’s) — MB Financial Inc. CEO Mitchell Feiger will see his salary jump 58% to $1.1 million next year as the Chicago-based bank holding adjusts senior executives’ pay to reflect the inability to pay bonuses, a restriction the federal government imposes on lenders participating in the bailout program.In addition, Chief Financial Officer Jill York will get a $156,000 raise to $450,000, the bank told in a Securities and Exchange Commission filing late Monday.The bank is trying to inject a performance-based component into the pay raises by making 60% of the increases in company stock.
Posted in Finance Fraud Tags: Acquirer, Bailout, Bonus Payments, Capital Position, Chief Financial Officer, Company Stock, First Nine Months, Jill York, Loan Losses, Lucrative Deals, Mb Financial Inc, Mitchell Feiger, Pension Contributions, Preferred Shares, Regulators, Restricted Stock Awards, Securities And Exchange Commission, Senior Executives, Treasury Department, Vests No Comments »Defense to argue full disclosure in Countrywide fraud case
July 11th, 2009 Before You Invest Defense attorneys in the fraud case involving former Countrywide executive Angelo Mozilo will argue that the firm fully told its operations, it has been suggested.According to the Los Angeles Times, legal experts believe that the defense lawyers will say Countrywide’s operations were made public through the form of statements, conference calls and investor forums.As a result, the government’s case for prosecution may not be successful, despite the fact that there is email and stock sale evidence against the subprime mortgage lender.”I reckon it’s going to be a tough case for the government,” former head of the Securities and Exchange Commission’s Los Angeles enforcement division Thomas Zaccaro told the news source.He added that it will be a “challenge” to prove that the company should have predicted the “meltdown” that occurred in the subprime mortgage market in 2007.Mr Mozilo and two other senior executives were charged with securities fraud at the start of last month.He is also accused of making nearly $140 million in profits by carrying out insider trading.
Posted in Finance Fraud Tags: Angelo Mozilo, Defense Attorneys, Defense Lawyers, Email, Fraud Case, Full Disclosure, Insider Trading, Investor Forums, Legal Experts, Los Angeles Times, Meltdown, News Source, Prosecution, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Senior Executives, Subprime Mortgage Lender, Subprime Mortgage Market, Zaccaro No Comments »
