insider trading

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SEC Says It Busted Netflix Insider Trading Ring

They allegedly profited from insider information about subscriber growth numbers

(Newser) - Netflix subscriber numbers experienced major growth between 2016 and 2019—and so did the bank accounts of three software engineers who illegally used inside information to profit from stock trades, according to the Securities and Exchange Commission. The watchdog says the three employees and two of their associates made a...

Pfizer CEO Sold Big Chunk of Shares on Day of Vaccine News

He sold $5.6M in shares as price soared

(Newser) - Pfizer CEO Albert Bourla sold a big chunk of his shares on the same day the company announced very promising news on a coronavirus vaccine , according to an SEC filing. Bourla sold shares worth $5.6 million as the company's stock price soared on Monday, but the company says...

Shares Dive After a Tweet About Kodak Loan

SEC is said to be investigating the announcement of the $765M deal

(Newser) - A tweet Friday hit Kodak hard Monday. "Recent allegations of wrongdoing raise serious concerns," the US International Development Finance Corp. posted . "We will not proceed any further unless these allegations are cleared." It was a reference to planned $765 million government loan that would allow Kodak...

Chair of Senate Intel Panel Steps Down Amid Inquiry

Richard Burr will leave post until investigation into his stock moves in pandemic is completed

(Newser) - Sen. Richard Burr is temporarily giving up his chairmanship of one of the most powerful Senate committees while the FBI investigates insider trading allegations, reports the Hill . The North Carolina Republican will step aside as chair of the intelligence panel as the investigation continues. Burr, who was privy to classified...

FBI Serves Search Warrant on Senator Who Dumped Stock

Richard Burr was privy to confidential coronavirus briefings at the time

(Newser) - One of the senators who sold off stock after confidential briefings on the coronavirus in early February is now under investigation by the FBI. The bureau served a search warrant on Richard Burr, chairman of the Senate Intelligence Committee, Wednesday, per the Los Angeles Times . The North Carolina Republican asked...

Loeffler Hasn't Backed Up Her Defense on Stock Deals

Senator won't name the financial advisers she said acted after her coronavirus briefing

(Newser) - Accused of profiting off insider information, Georgia Sen. Kelly Loeffler defended her stock deals by saying they were made by financial consultants acting on their own. So far, the Atlanta Journal-Constitution reports, she's presented no evidence of that. Loeffler and her husband, Jeff Sprecher, sold stocks in a list...

Senator's Virus Stock Trades Under Federal Inquiry

Justice Department is investigating Richard Burr's financial moves

(Newser) - A senator's well-timed stock selloff before the coronavirus crisis arrived in full is now the subject of a federal investigation. CNN reports that the Justice Department has begun an inquiry into the financial moves of Richard Burr. The North Carolina Republican chairs the Senate Intelligence Committee, and he sold...

Ex-Congressman Sentenced: 'My Life Has Been Shattered'

Chris Collins, first in Congress to endorse Trump, gets 2-plus years for securities fraud, lying to FBI

(Newser) - A former congressman who was one of President Donald Trump’s first supporters was sentenced Friday to two years and two months in federal prison after admitting he helped his son and others dodge $800,000 in stock market losses when he learned that a drug trial by a small...

Ex-Lawmaker: Don't Throw Me in Prison. I Was a Boy Scout

Rep. Chris Collins has pleaded guilty to insider trading

(Newser) - Prosecutors are seeking maximum prison time for a former lawmaker who's pleaded guilty to insider trading, Politico reports. Rep. Chris Collins, who initially denied the accusations, now faces up to five years in prison. "It is critically important that the sentence imposed on Congressman Collins drive home the...

Rep. Chris Collins Resigns Ahead of Expected Guilty Plea

Gov. Andrew Cuomo will set a special election to fill the seat, which leans Republican

(Newser) - Rep. Chris Collins, a Republican congressman from western New York, is resigning from his seat ahead of an expected guilty plea in an insider trading case in which he was accused of leaking confidential information during an urgent phone call made from a White House picnic on June 22, 2017....

Indicted Congressman Does U-Turn, Revives Campaign

Chris Collins says the 'stakes are too high'

(Newser) - A Republican lawmaker who dropped out of a House race in upstate New York after being charged with insider trading has decided to drop back in. Rep. Chris Collins, the first member of Congress to endorse President Trump, said in a statement that constituents in his Buffalo-area district can now...

Indicted Lawmaker: I'm No Longer Running
Indicted
GOP Rep
Changes
His Plans

Indicted GOP Rep Changes His Plans

Chris Collins suspends his re-election campaign

(Newser) - In an about-face, US Rep. Chris Collins is ending his re-election bid days after the Republican was charged with insider trading. Collins released a statement Saturday morning saying he will suspend his campaign and fill out the rest of his term, the AP reports. Collins was indicted Wednesday on charges...

Call Made From Picnic Led to Charges for Rep. Chris Collins

Indictment alleges he read an email about a failed drug trial, alerted his son

(Newser) - GOP Rep. Chris Collins surrendered to federal agents in New York on Wednesday to face insider trading charges. CNBC quotes the Justice Department as saying the indictment is tied to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served." The allegation...

He Dumped All His Equifax Stock. Now, Criminal Charges

Jun Ying charged with insider trading

(Newser) - Before Equifax went public with news of its massive data breach last September, Jun Ying, the company's then-US chief information officer, exercised and sold all his stock options. Now the SEC says the nearly $1 million move was insider trading, and Ying has been charged to that end in...

Icahn Dumps $31M in Shares Before Steel Tariff Unveiled

Former Trump adviser apparently saw it coming

(Newser) - Billionaire investor Carl Icahn—who once worked as a "special adviser" to President Trump—dumped about $31 million of shares in a company that depends on steel imports just days before Trump announced tariffs on steel imports, the Guardian reports. On February 12, Icahn began selling his shares in...

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...

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...

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...

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...

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...

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