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NEWS ABOUT: insider trading

Crooks Show How Not to Cover Tracks

When destroying evidence, try to be discreet about it

(Newser) - It's bad enough two hedge fund managers have been charged with insider trading, but they're also being ridiculed for incompetence in trying to cover up their alleged misdeeds: “The evidence laid out in the complaint is largely the defendants’ own words," an FBI official tells the New York ... More »

Feds Make First Arrest in Insider Trading Sweep

Don Ching Trang Chu allegedly planned to flee to Thailand

(AP) - Federal authorities have made the first of what's expected to be many arrests in their huge insider trading investigation . A US Attorney in Manhattan announced charges today against Don Ching Trang Chu, an employee of an expert-networking firm that supplied "market intelligence" to hedge funds. Prosecutors say the New... More »

Federal Investigation Could Redefine 'Insider Trading'

Prosecutors survey legal 'gray area' in landmark probe

(Newser) - Insider trading just isn’t what it used to be. As the feds mount a massive probe into the practice, its definition is becoming murkier: Where insider-traders of old simply whispered secret tips over the phone, today a wide range of data-gathering practices may be legally questionable, the AP reports.... More »

FBI Raids Conn. Hedge Funds

...as part of extensive insider-trading investigation

(Newser) - The FBI is undertaking an extensive insider-trading investigation, and raided two hedge fund offices in Connecticut today that are presumably part of it. Former managers at Steve Cohen's SAC Capital Advisors run both raided firms, Diamondback Capital Management LLC and Level Global Investors LP, the Wall Street Journal reports. The... More »

Feds See Massive Insider-Trading Network

Three-year investigation is among the biggest ever undertaken

(Newser) - You know that gray line that sometimes separates "expert advice" from the crime of insider trading? It's about to get a lot darker. The feds are wrapping up what the Wall Street Journal describes as a huge three-year investigation expected to bring an unprecedented array of charges against everyone... More »

Mark Cuban Wants to Pay to Investigate... Mark Cuban

But SEC isn't exactly jumping at the offer

(Newser) - Mark Cuban has so much money he wants to help the poor SEC pay for an investigation of, well, Mark Cuban. Accused of insider trading for his Mamma.com deal, Cuban figures that the slow-reading SEC attorneys will take eight months to wade through all the paperwork. So Cuban offered... More »

Congressional Staffers Play Market Using Inside Info

Many place bets on industries their bosses regulate

(Newser) - When Chris Miller doubled his investment in a renewable energy firm in 2008, he might have had an inkling that legislation was coming that would benefit the firm. After all, he’s Harry Reid’s top energy policy adviser. Confronted yesterday, a Reid spokesman said Miller had shown “poor... More »

Billionaire Wyly Brothers Accused of Insider Trading

The two are big conservative donors

(AP) - The SEC has filed suit in New York against famed Dallas billionaire investors Sam and Charles Wyly, accusing them, their attorney, and their stockbroker of insider trading. The 78-page complaint alleges the Wyly brothers made $550 million in undisclosed gains over 13 years by trading in securities of companies on... More »

Disney Employee's Insider Trading Scheme Fizzles

Tip No. 1: Don't send out email blasts

(Newser) - A woman who worked as an administrative assistant to a Disney executive is accused of trying to sell business secrets to hedge funds. As New York magazine explains , she and her boyfriend got the not-so-bright idea to send out a blind email to hedge funds seeking customers. At least 20... More »

Galleon's Rajaratnam Charged in Fraud Case

Alleged inside-trader accused of conspiracy, securities fraud

(Newser) - Raj Rajaratnam was charged with five counts of conspiracy and six counts of securities fraud today, the first criminal charges related to allegations of insider trading at his Galleon group hedge fund. Danielle Chiesi, who prosecutors say was one of Rajaratnam's illicit collaborators, was hit with three counts of conspiracy... More »

Martha Stewart: I Lost a Billion Bucks in Prison

She laments loss to 'mankind,' smack talks Rachael Ray

(Newser) - Martha Stewart says she lost more than a billion dollars by going to prison, but don’t cry for her: it’s humanity that lost out. In an interview to air tonight on Nightline , Stewart laments having been “prosecuted in such a way,” saying she lost an “... More »

14 Charged as Galleon Insider Trading Case Widens

Feds finger Rajaratnam associates, lawyer

(Newser) - Two former Galleon Group employees and a Ropes & Gray lawyer were among 14 people charged today in the expanding insider trading case surrounding the hedge fund founded by Raj Rajaratnam, who was busted last month. The traders and lawyers snuck around, communicating in code over throwaway cellphones, but had... More »

Feds Missed Galleon Warning Signs

JPMorgan warned that fund dealt in 'grey areas'

(Newser) - The government says its star witness, Roomy Khan, was the first person to pass inside info to Galleon Group honcho Raj Rajaratnam, and went on to become a central part in his operation. Which is awkward, because Khan was prosecuted in 2000 for passing insider information to someone at Galleon—... More »

Canadian Insider Trading Scheme Ends in Suicide

The sad tale of two greedy friends and their last, biggest score

(Newser) - When Stanko Grmovsek pled guilty to criminal charges stemming from his insider trading activity on Tuesday, it ended a paperback-worthy tale of friendship and deceit, Reuters reports in an in-depth look at the biggest insider trading scheme in Canadian history. A day before his plea, Grmovsek’s co-conspirator and best... More »

Feds: NY Hedge Fund Boss Funded Terror

Donations were funneled to Tamil Tigers

(Newser) - A hedge-fund manager busted for insider trading has been contributing money to a Sri Lankan terrorist group, according to FBI agents. Raj Rajaratnam came under scrutiny in a federal probe into the Tamil Rehabilitation Organization, a charity which was charged with funneling money to the Liberation Tigers of Tamil Eelam,... More »

Look Out, Wall Street: Feds Using Wiretaps Now

Insider trading case against Galleon is first to use the tactic

(Newser) - The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their... More »

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs... More »

Insider Trading Probe Targets 2 SEC Officials

Lawyers at regulator alleged to have traded financial stocks

(Newser) - Two lawyers with the SEC are under federal investigation for alleged insider trading, Reuters reports. The SEC's internal watchdog claims that they traded stock in a large financial services company, despite warnings from other employees that the company was under investigation. One of the two works in the SEC's Office... More »

SEC May Charge Mozilo of Countrywide With Fraud

(Newser) - The long slide from the top continues for former Countrywide chief Angelo Mozilo. Staffers at the SEC have recommended filing a civil suit against him on charges of fraud and insider trading, reports the Los Angeles Times. Countrywide had been the nation’s largest mortgage lender before it nearly went... More »

20 Crime Probes Launched Into Bailout Fraud

Inspector calls TARP 'inherently vulnerable' to insider trading, abuse

(Newser) - Federal authorities have begun 20 separate investigations into possible fraud, tax violations, insider trading, and other criminal activities surrounding Henry Paulson's $750 billion Troubled Asset Relief Program, reports the Los Angeles Times. It's only the first round of probes, according to the bailout program's inspector general, who called TARP "... More »

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