insider trading

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Sources: Equifax Execs Who Sold Shares Now Eyed by Feds

There's reportedly a criminal probe into insider trading suspicions

(Newser) - Right after Equifax discovered it had suffered a huge security breach , three senior executives dumped nearly $2 million in shares —and now the feds are looking to see if there was any criminality involved. Per Bloomberg , sources familiar with the investigation say the Justice Department will be seeking evidence... More »

Alleged Insider Trader Maybe Did Too Much Googling

Didn't cover up online search history for 'insider trading' too well, prosecutors say

(Newser) - If you don't want the SEC to pick up on the fact that you've carried out an unusual trade, you probably shouldn't Google "how sec detect unusual trade," or "insider trading in an international account." Those are the phrases that federal prosecutors allege... More »

Here's How Congressman Lost $17M in Single Day

Australian biotech firm's stock drops 90% Tuesday

(Newser) - A Republican congressman from New York lost approximately $17 million Tuesday when the stock value of an Australian biotech firm cratered, Politico reports. It's unclear how much money was lost by his fellow lawmakers, who he convinced to buy into the firm. Rep. Chris Collins is the largest shareholder... More »

Phil Mickelson Made Nearly $1M on Insider Trading: SEC

Commission names pro golfer in federal lawsuit

(Newser) - The Securities and Exchange Commission is filing a complaint against professional golfer Phil Mickelson related to insider trading, the AP reports. The SEC says gambler William Walters received tips and business information about Dean Foods Co. from Thomas Davis, former head of Dean Foods, between 2008 and 2012. The SEC... More »

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may... More »

End Insider Trading? Might as Well Ban Booze

Countless convictions won't stop the practice: Henry G. Manne

(Newser) - Insider trading is to modern times what bootlegging was to the Prohibition era: Authorities will never be able to stop it, writes Henry G. Manne in the Wall Street Journal . Sure, prosecutors can catch plenty of perpetrators. But "the payoffs are too big and too accessible and the number... More »

FBI Wants to Know If Robots Are Trading Illegally

Feds think high-speed traders are acting on insider information

(Newser) - The FBI has a running investigation into high-speed trading , the controversial practice of using computers to automatically buy and sell stock within a fraction of a second. News of the probe comes hot on the heels of Michael Lewis' headline-making interview and book about the practice, but the investigation was... More »

Executives' Stock Selling Move Smells Fishy

Top companies have sold after good guidance, but before bad, 755 times

(Newser) - The next time you see a top executive deliver good news and then sell stock in his own company, head for the exits. Executives have an uncanny knack for issuing positive guidance, selling their stock, and then issuing negative guidance soon thereafter, the Wall Street Journal reports. The Journal found... More »

Hedge Fund Pleads Guilty, but Tycoon Gets Off

Firm hit with record fine after 'unprecedented' insider trading

(Newser) - SAC Capital pleaded guilty to all five counts in the damning criminal complaint against it yesterday, agreeing to a total of $1.8 billion in penalties, the largest haul ever for an insider trading case. The plea marks the end of an 11-year case, and marks the first time "... More »

Ex-Qwest CEO Became BFFs With Drug Offenders in Prison

Paid other inmates to clean his cell with cans of tuna

(Newser) - Former Qwest CEO Joseph Nacchio has emerged from his 54-month prison stint a changed man. The 64-year-old is thinner, healthier, and stronger, thanks to lifting weights and running; he's tanned, shaved his head, and grown a goatee; and his new best friends are a couple of drug offenders named... More »

FBI: Our Economic Data Is at Risk

Flaw in system could allow hackers to access 'black box'

(Newser) - The FBI has found "a number of operational vulnerabilities" in the system the government uses to protect sensitive economic information, the Wall Street Journal reports. As part of its long-running attempt to figure out what's behind the suspicious trading activity that often precedes major economic news, the bureau... More »

Feds Bust Insider Trading Scheme 'Without Precedent'

SAC Capital Advisers insider trading was 'on a scale without known precedent'

(Newser) - Federal prosecutors have slapped SAC Capital Advisors with criminal charges in an alleged insider trading scheme "on a scale without known precedent." The hedge fund has allegedly been making hundreds of millions off of illicit info for a decade, the Wall Street Journal reports. The charges also name... More »

SEC Digging for a Mole on Wall Street

Issues subpoenas to get to the bottom of health care leaks

(Newser) - The SEC is trying to ferret out who leaked word of a coming government health care decision to stock traders, allowing them to get an unfair jump on the competition. The agency has issued subpoenas to a number of companies and individuals related to the case, the Washington Post reports.... More »

Hedge Fund to Pay Record $614M for Insider Trading

SAC Capital agrees to settle with the SEC

(Newser) - Two affiliates of a major hedge fund agreed today to pay $614 million in the biggest-ever insider trading settlement on Wall Street, the New York Times reports. One affiliate of SAC Capital, CR Intrinsic, agreed to pay $600 million after a worker was accused of using confidential data on drug... More »

Feds Suspect Insider Trading Related to Heinz Deal

SEC freezes Swiss account that made a huge profit

(Newser) - Some traders made a bundle over the big HJ Heinz acquisition yesterday, and federal regulars suspect insider trading. The SEC obtained a court order today to freeze a brokerage account in Switzerland and prevent the assets from being moved. The account was used for trades placed Wednesday that netted $1.... More »

Ex-Goldman Exec Gets 2 Years for Insider Trading

Rajat Gupta also has to pay $5M fine

(Newser) - A former Goldman Sachs and Procter & Gamble board member once widely respected worldwide for his business smarts was sentenced today to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend. Rajat Gupta, 63, of Westport, Conn., was... More »

24% of Wall Street Execs: We Need to Break the Law

New survey finds many consider illegal or unethical behavior necessary

(Newser) - Well, this explains a lot: A new survey of 500 senior Wall Street executives found that 24% said that unethical or illegal behavior was not only acceptable, but even necessary in order to achieve success in their business. Other highlights from the survey, conducted by whistleblower law firm Labaton Sucharow,... More »

Congress Riddled With Insider Trading

Study find 1-in-8 Congress trades pose potential conflict of interest

(Newser) - The Washington Post has pored over the 45,000 stock transactions made by members of Congress between 2007 and 2010, in a mammoth investigation into just how bad the government's insider trading problem is. The result—130 members of Congress or their families bought and sold up to $218... More »

Ex-Goldman Honcho Guilty of Fraud

Rajat Gupta convicted in insider trading scandal

(Newser) - A former Goldman Sachs director accused of feeding confidential information to a corrupt hedge fund manager has been convicted of conspiracy and three counts of securities fraud. A jury acquitted Rajat Gupta on two other securities fraud counts. Gupta's adult daughters hugged and wept as the verdict was read;... More »

Groupon Stock Hike Probed

Trading spikes ahead of release of strong results

(Newser) - Did Groupon insiders try for a daily deal of their own? A Wall Street regulator is probing some fishy trading activity in the hours before the company released stronger-than-expected financial results earlier this week, sources tell the Wall Street Journal . Shares in the company—which had fallen more than 50%... More »

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