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Securities Commission approves settlement with analyst over insider trading

The Canadian PressMay 17, 2013 14:45
TORONTO - The Ontario Securities Commission approved an insider trading settlement Friday with a former analyst at BMO Nesbitt Burns who bought shares of five companies he knew were in the midst of takeover deals. Ming Chao Zhao, also known as Michael Zhao, was ordered to pay a $750,000 administrative penalty, $30,000 in costs and return $416,719 of profits. "Our insider trading and market abuse team is establishing momentum in detecting and pursuing cases of illegal insider trading," said Tom Atkinson, director of enforcement at the Ontario Securities Commission.

Swiss to broaden anti-corruption laws, make bribery illegal in Olympic or World Cup host cases

The Canadian PressMay 15, 2013 08:00
GENEVA - The Swiss government wants to broaden its anti-corruption laws to make bribery a criminal offence in almost all cases. The move follows criticism from anti-graft advocates who claim Switzerland doesn't do enough to prevent bribery by businesses and international sports organizations based in the Alpine country. The Cabinet on Wednesday proposed changing the law to include bribes paid during the selection of hosts for major sporting events like the FIFA World Cup or the Olympics.

NY judge sentences hedge fund founder to 6-plus years in prison for insider trading

The Canadian PressMay 13, 2013 17:01
NEW YORK, N.Y. - The co-founder of a Connecticut hedge fund has been sentenced to 6 1/2 years in prison in connection with insider trading that authorities say brought in nearly $70 million in illegal profit to his firm. Anthony Chiasson, of Manhattan, was sentenced Monday by U.S. District Judge Richard Sullivan. The 39-year-old Chiasson was convicted in December of five counts of securities fraud and one count of conspiracy to commit securities fraud.

Ex-fund manager sentenced to prison for insider trading

May 7, 2013 13:54
By Bernard Vaughan NEW YORK (Reuters) - Former Diamondback Capital Management portfolio manager Todd Newman was sentenced to 4-1/2 years in prison on Thursday for insider trading in the stock of Dell Inc <DELL.O> and Nvidia Corp <NVDA.O>. U.S. District Judge Richard Sullivan also ordered Newman, 48, to forfeit $737,724 and to pay a $1 million fine.

Insider-trading trial of SAC Capital's Steinberg to start November 18

May 7, 2013 13:16
By Bernard Vaughan NEW YORK (Reuters) - A federal judge has set November 18 for the start of the criminal trial of Michael Steinberg, the most senior employee of Steven A. Cohen's hedge fund SAC Capital Advisors to be indicted for insider trading. U.S. District Judge Richard Sullivan in Manhattan also declined to allow Steinberg's case to be randomly assigned to another judge.

Ex-fund manager sentenced to prison for insider trading

May 7, 2013 13:03
By Bernard Vaughan NEW YORK (Reuters) - Former Diamondback Capital Management portfolio manager Todd Newman was sentenced to 4-1/2 years in prison on Thursday for insider trading in the stock of Dell Inc <DELL.O> and Nvidia Corp <NVDA.O>. U.S. District Judge Richard Sullivan also ordered Newman, 48, to forfeit $737,724 and to pay a $1 million fine.

Jewelry store owner in KPMG insider-trading case reaches plea agreement

The Canadian PressMay 6, 2013 17:30
LOS ANGELES, Calif. - The owner of a San Fernando Valley jewelry store has reached a plea agreement for his role in an insider-trading case involving a senior partner with KPMG LLP. The Department of Justice says that Bryan Shaw was charged Monday with one count of conspiracy for using insider information about KPMG's clients to make illegal stock trades that led to more than $1 million in profits.

U.S. Congress quietly repeals plan for Internet financial disclosures

April 12, 2013 16:15
By David Lawder and Richard Cowan WASHINGTON (Reuters) - The U.S. Congress on Friday voted to repeal a plan to require Internet posting of a vast database of financial disclosures from congressional staff and many executive branch employees required by a new ethics-in-government law.

US charges ex-KPMG auditor with insider trading

April 11, 2013 18:16
The US Justice Department on Thursday charged a former KPMG senior partner with insider trading with a friend who allegedly made more than $1 million in illegal proceeds. Scott London allegedly gave confidential information on five companies to his friend, Bryan Shaw, according to the US Attorney's Office for the Central District of California and the Federal Bureau of Investigation.

US charges ex-KPMG auditor with insider trading

April 11, 2013 16:01
The US Justice Department on Thursday charged a former KPMG senior partner with insider trading with a friend who allegedly made more than $1 million in illegal proceeds. Scott London allegedly gave confidential information on clients Herbalife, Skechers and Deckers Outdoor Corporation to his friend, Bryan Shaw, according to the US Attorney's Office for the Central District of California and the Federal Bureau of Investigation.
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