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’Corporate responsibility, Swiss style
Stäfa (Switzerland), 30 March 2011 – In the run-up to the profit warning of 16 March 2011 the responsible persons at Sonova failed to issue a timely Sonova-internal black-out period for trading in Sonova shares and options.
Wyly brothers accused of MASSIVE insider scandal
Yes, MASSIVE. Knocks Martha Stewart, Galleon, etc into a cocked hat…
The Securities and Exchange Commission today charged brothers Samuel E. Wyly and Charles J. Wyly, Jr. of Dallas with violating federal securities laws governing ownership and trading of securities by corporate insiders.
Crock regulation
From Britain’s financial regulator on Tuesday (translation ours):
The Financial Services Authority has fined David Jones, former finance director (FD) of Northern Rock PLC (NR) five bob and given him a spank.
Introducing SocGen’s ‘leak-o-meter’
Counter-intuitive, this one. Click to enlarge.
This is a list of stocks Société Générale thinks you should avoid — because, er, they might get taken over, or go up for some other random reason,
Welcome to the brave new world of insider trading investigations
Listen up hedgies, traders and investment bankers: you are being very closely watched indeed.
Regulators on both side of the Atlantic appear to have adopted a shock-and-awe campaign as far as cracking down on insider trading is concerned.
Who is Julian Rifat?
Early on Tuesday morning in London, traders were abuzz with speculation as to the identities of six men arrested in a joint operation by the UK’s regulator and the Serious Organised Crime Agency (SOCA).
Wasteful, useless (UK) regulation, Part 93
It’s almost as if Hector Sants got a box set of The Wire for his birthday, thought that guy McNulty looked a bit like him (in his younger days) , and then this Galleon stuff came up and now…
March 18 (Bloomberg) — Traders’ mobile-telephone calls may be taped in an effort to stamp out insider trading,
Insider dealing reaches the Comoros Islands
Fresh from its success in the Streaky trial, the FSA is bringing another insider dealing case to court.
Christian Littlewood, a senior investment banker, and his wife Angie Littlewood (also known as Siew
Streaky’s guilty, and he is going down (updated)
Via Bloomberg:
EX-CAZENOVE PARTNER GETS 21 MONTHS IN JAIL FOR INSIDER TRADING.
No details yet on disgorgement, or whether Malcolm Calvert has leave to appeal.
Updates (and the inevitable FSA press release) when available.
Streaky’s guilty, but will he go down?
The case against Malcolm Calvert – that he indulged in the crime of buying shares while in the possession of inside information – has been followed with keen interest across the City of London.
Not least because Calvert (Streaky to his friends) is a former Cazenove partner.
That Heritage/Genel deal (updated)
When Heritage Oil terminated its $6bn plan to merge with Turkish company Genel Enerji in November we were treated to the following explanation:
Following entry into the LOI [Letter of Intent] with Eni,
Ironic chart du jour
Here’s the S&P 500 regional banks index versus the old skool S&P “investment banks” barometer (consisting of Goldman, MOST, Charles Schwab and E-Trade).
Guess which is which?
Also note the time.
[Galleon] The Galleon index
Wall Street, as anyone familiar with the failure of Long Term Capital Management will know, treats a teetering hedge fund as carrion crows do a wounded animal.
And with Galleon investors rushing to withdraw money from the scandal hit fund (the WSJ reports about $1.3bn of its $3.7bn of assets having been pulled) the feeding frenzy has begun.
Chasing (and losing) insiders
Back in the early 1990s, soon after the authorities introduced the so-called ring of steel round the City of London (using plastic bollards) a rumour swept some of the City’s racier dealing rooms: all public pay-phones in the Square Mile were being monitored by anti-terror police.
Insider trading crack down continues
The FSA’s crusade to clean up the City continues apace, with the regulator charging a finance director and two lawyers with eight counts of insider dealing.
From a statement issued on Tuesday afternoon.
Six arrested in FSA insider dealing investigation
This just out from the FSA’s press office:
Five men and one woman, aged between 27 and 34, were today arrested in connection with an ongoing investigation by the Financial Services Authority (FSA) into suspected organised insider dealing.
The SEC guide to insider trading
We have had the FSA version and now here’s a slightly more sophisticated take from their American cousins.
A full size PDF no less.
It explains how a former investment banker at Citigroup allegedly made millions tipping off family and friends about forthcoming deals in the healthcare sector back in 2007,
The FSA guide to insider dealing
No, we’re not sure of the point either. Click for a sharper image.
The chart accompanies this timeline in the case of the FSA versus McQuoid and Melbourne.
At Southwark Crown Court on Friday,