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NEWS ABOUT: insider trading

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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

(AP) - 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

(AP) - 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

(AP) - 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 »

Senate Sends Insider Trading Bill to Obama

Congress approves weaker version of bill designed to police itself

(AP) - The Senate today sent President Obama a scaled-down bill to explicitly ban members of Congress, the president, and thousands of other federal workers from profiting from nonpublic information learned on the job. In an unusual move, the legislation passed unanimously without a vote on the measure itself. Instead it passed... More »

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 »

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