The case of the forged regulatory letters appears to be solved. Over the last month, the Commodities Futures Trading Commission received more than 150 letters about its proposal to limit conflicts of interest at derivatives clearinghouses. But some of the letters were fakes. The apparent source of the bogus letters: a grassroots advocate gone rogue. [...]
Joshua Roberts/Bloomberg News The federal government’s crackdown against what it considers illegal insider trading advanced on Tuesday with one arrest and a lawsuit brought by the Securities and Exchange Commission against a husband and wife formerly employed by the consulting firm Deloitte Tax. In the lawsuit, the commission accused the couple, Arnold and Annabel McClellan [...]
Rick Maiman/Bloomberg NewsRaj Rajaratnam, the Galleon Group’s founder, has been accused of earning money from stock trades made with inside information. On Wall Street, it is called the “mosaic theory.” Every day, professional investors and research analysts work the phones to ferret out information about companies that can’t be found by simply reading news releases. [...]
Brian Snyder/ReutersLoch Capital Management, a hedge fund in Boston, was raided on Nov. 22 as part of an insider trading inquiry. WASHINGTON — Secret, court-approved wiretaps put in place more than two years ago are now being used by prosecutors in a widening inquiry of securities fraud and insider trading involving hedge funds and consultants [...]
Chip East/ReutersSergey Aleynikov, a former programmer for Goldman Sachs, has begun trial on charges that he stole trading code from the firm. Is Sergey Aleynikov an evil computer scientist who brazenly stole valuable, closely guarded trading code from Goldman Sachs, his former employer? Or is he a humble Russian immigrant who, upon leaving his programming [...]
Britain’s securities watchdog, the Financial Services Authority, said Thursday that it was charging five people on 17 counts of insider trading. All of the individuals are linked to the brokerage house Blue Index. They include the co-owners and directors, James Paul Sanders and James Swallow; Mr. Sanders’s spouse, Miranda; a senior trader, Christopher Hossain; and [...]
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