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NEWS ABOUT: insider trading

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Goldman's Golden Analyst Under Investigation

Henry King may have leaked inside info to hedge funds

(Newser) - Federal investigators have set their sights on famed Goldman Sachs tech analyst Henry King in a broadening insider trading probe. The Feds suspect King, who is known for his spot-on calls, may be leaking inside information from Taiwanese electronic parts manufacturers to US investors, sources tell the Wall Street Journal... More »

Insider-Trading Probe Targets House Committee Chair

Rep. Spencer Bachus faces first-of-its-kind ethics investigation

(Newser) - Foxes have been found guarding hen houses on Capitol Hill in the past, but ethics investigators now believe they have identified a particularly greedy one. Rep. Spencer Bachus, chair of the House Financial Services Committee, is being probed for possible violations of insider-trading laws, reports the Washington Post . The investigation... More »

Watered-Down Insider Trading Bill Set to Pass House

Eric Cantor takes out provisions that Senate passed unanimously

(Newser) - House legislators are almost sure to pass a bill officially banning them from insider trading today, but it will be missing a few teeth compared to its Senate counterpart. Eric Cantor has pulled out a provision that would have required K Street consultants who sell Congress' inside tips to Wall... More »

Senate Passes Insider Trading Ban

Measure to be before House next week

(Newser) - Lawmakers in Congress are inching closer to deciding, somewhat belatedly, that they shouldn't be allowed to profit by playing the stock market using inside information they have gleaned on Capitol Hill. A bill that bans insider trading by lawmakers and thousands of executive branch officials is heading to the... More »

Congress Moves to Ban Its Own Insider Trading

Bill an attempt to restore faith of hostile public

(Newser) - Soon, insider trading may be illegal for lawmakers, too . In an effort to boost its historically low approval rating, the Senate will today hold a procedural vote allowing it to later this week pass a bill banning Congress from trading on nonpublic info, or giving that info to others to... More »

Feds Nab 7 in $61.8M Stock Fraud Case

All that money made on trades of a single stock

(AP) - Seven people have been charged in an insider trading scheme that netted more than $61.8 million in illegal profits based on trades of a single stock, prosecutors announced today. Two New York hedge fund executives and a Massachusetts man were among four charged in a criminal complaint in federal... More »

Lawmakers Give Inside Info to Big Investors—Legally

Brokerage firms arrange meetings with legislators

(Newser) - Congressmen aren’t the only ones trading on their inside info . A lucrative practice has sprung up in Washington, in which hedge funds and other investors pay handsomely for private meetings with top lawmakers or their aides, who give them an early scoop on market-moving news, the Wall Street Journal... More »

New Book: Insider Trading Rampant in Congress

Members reap benefits of policy knowledge on Wall Street

(Newser) - In Congress, it’s easy to do the kind of stock trading that “would send the rest of us to prison,” writes Peter Schweizer in a new book on the Hill’s upside-down ethics. Members of Congress are, of course, equipped with insider knowledge about upcoming policy, and... More »

Galleon Founder Slapped With $92.8M Civil Penalty

Convicted insider trader hit with record SEC fine

(Newser) - Galleon Group hedge fund founder Raj Rajaratnam has broken another record. The former billionaire, who received the longest-ever prison sentence for insider trading last month, has been ordered to pay the largest-ever Securities and Exchange Commission civil penalty for insider trading, reports the New York Times . The $92.8 million... More »

Wall Street Exec Pleads Not Guilty to Insider Trading

Rajat Gupta could face serious prison time if convicted

(AP) - A former board member of Goldman Sachs and Procter & Gamble pleaded not guilty this afternoon to federal charges accusing him of acting as "the illegal eyes and ears in the boardroom" for a friend. The friend, of course, is billionaire hedge fund founder Raj Rajaratnam, who was sentenced... More »

Ex-Goldman Exec Charged With Fraud

Rajat Gupta accused of leaking info to Galleon director

(Newser) - Former Goldman Sachs director Rajat Gupta surrendered to federal authorities today to face charges related to insider trading, the AP reports. Gupta appeared in Manhattan federal court and was charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. The longtime McKinsey & Company... More »

Hedge Founder Gets 11 Years for Insider Trading

Raj Rajaratnam will report to prison next month

(AP) - A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced today to 11 years in prison, the longest insider trading sentence ever but short of the two decades sought by prosecutors. Galleon Group founder Raj Rajaratnam also was fined $10 million and... More »

Billionaire Convicted in Huge Insider Trading Case

Raj Rajaratnum of Galleon Group guilty on all counts

(AP) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted... More »

Insider Trading Probe Looks at Fund King's 'Big Book'

Steven Cohen fund made trades suggested by pair who have copped to insider trading

(Newser) - Federal prosecutors are looking into a massive hedge fund run by industry giant Steven Cohen as part of a sweeping insider trading investigation . They’re specifically looking at trades suggested by a pair of ex-employees of Cohen’s SAC Capital Advisors who have pleaded guilty to insider trading (in the... More »

Buffett: Sokol's Stock Purchases 'Inexcusable'

But he takes some responsibility for Berkshire Hathaway controversy

(Newser) - In his first public comments since announcing David Sokol’s resignation one month ago, Warren Buffett called the actions of his one-time heir apparent “inexplicable and inexcusable.” At yesterday’s shareholders meeting, Buffett also took some responsibility for the controversy surrounding Berkshire Hathaway’s acquisition of Lubrizol Corp.... More »

Board: Ex-Buffett Lieutenant Broke Law, Duped Boss

Berkshire board issues scathing report on Sokol dealings

(Newser) - Warren Buffett's former heir apparent David Sokol misled his boss and violated insider-trading rules when he bought shares in Lubrizol and then recommended Berkshire Hathaway buy it , Berkshire's board has concluded. A scathing report from the board portrays Buffett as a victim of Sokol's deception and says... More »

Insider Trading Suspect Jumps to His Death

Seattle Genetics exec was accused of sharing clinical trial results

(Newser) - An executive accused of illegally profiting from inside knowledge of his company's promising new cancer drug jumped to his death from an airport parking garage in New Jersey. Zizhong Fan, manager of clinical programming at Seattle Genetics, is believed to have shared insider information on clinical trials involving the... More »

Facebook Fires Manager Over Insider Trading

Employee violated company policy on secondary stock markets: TechCrunch

(Newser) - Facebook gave one of its managers the boot after he violated company policy on insider trading, reports TechCrunch . Former corporate development manager Michael Brown bought company stock in the burgeoning secondary trading market, sources tell the site. Because Facebook is a private company, he apparently didn't violate any federal laws,... More »

Ex-Buffett Lieutenant: I Did Nothing Wrong

But in hindsight, David Sokol says, he shouldn't have mentioned company

(Newser) - David Sokol gave a lengthy, defiant interview on CNBC this morning, in which he breezily insisted that he’d done absolutely nothing wrong or unethical by buying 96,000 shares of Lubrizol , and then recommending boss Warren Buffett buy the company. Some had urged Sokol to get a securities lawyer... More »

Buffett's Heir Apparent Resigns Under Cloud

David Sokol steps down amid questions over stock buy

(Newser) - A Berkshire Hathaway executive once seen as the likeliest successor to billionaire investor Warren Buffett has abruptly resigned. David Sokol—who ran Berkshire subsidiaries including MidAmerican Energy and NetJets—says he is quitting to devote more time to philanthropy. His resignation, however, comes amid controversy over Sokol's acquisition of thousands... More »

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