The Australian Securities and Investments Commission (ASIC) has announced that the Perth District Court has convicted former commercial analyst David Luong of one count of insider trading and fined him A$30,000. ASIC stated that Mr Luong has also agreed to a pecuniary penalty order under the Proceeds of Crime Act 2002 No. 85 (Cth) in the amount of A$15,002.94, "reflect[ing] his profit from the offence".
The Australian Securities and Investments Commission (ASIC) has announced that resources company UCL Resources Ltd (UCL) former chief executive officer (CEO) Christopher Jordinson has pleaded guilty to insider trading.
At the beginning of the year, I posted a blog about “Some Resolutions to Consider.”
Second on my list of three was a reminder not to forget about Insider Trading. I mentioned how Insider Trading was really the impetus of corporate compliance in a way…but it had somewhat fallen off the radar in terms of imminent training priorities for many corporate compliance programs. As much as I would like to take credit for having such foresight, the bottom line was that there was quite a bit of buzz at the end of 2012, warning that we should expect to see Hedge Funds and Investment Firms come under close scrutiny.
The Australian Securities and Investments Commission (ASIC) has announced that two Sydney men face "a maximum penalty of [ten] years jail and/or a fine of [A]$765,000" after they pleaded guilty to insider trading.
The United States (US) Securities and Exchange Commission (SEC) has announced that brothers Rodrigo and Michel Terpins have agreed to pay approximately US$5 million to settle an insider trading complaint.
The United States (US) Securities and Exchange Commission (SEC) has announced that the US District Court for the Northern District of Illinois has approved an agreement under which trader Badin Rungruangnavarat is required to pay US$5.2 million to resolve insider trading charges.
The United States (US) Securities and Exchange Commission (SEC) has made available its Complaint (24 July 2013) against former Green Mountain Coffee Roasters (GMCR) systems administrator Chad McGinnis and his friend and business associate Sergey Pugach that relates to insider trading charges.
The United States (US) Securities and Exchange Commission (SEC) has announced that it brought charges against hedge fund adviser Steven Cohen for failing reasonably to provide supervision of portfolio managers Mathew Martoma and Michael Steinberg, with a view to prevent their insider trading under his watch, which has cost their firm over US$615 million.
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has brought proceedings in the Market Misconduct Tribunal (MMT) against Tiger Asia Management (Tiger Asia) and three of its officers regarding security dealings for Bank of China and Chian Construction Bank Corporation during 2008 - 2009.
The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have jointly issued Investor Alert - Don't Trade on Pump-And-Dump Stock Emails (undated), which warns investors against unsolicited emails and other online postings, including on social media, that cite purported "inside" information or "infallible" analyses to recommend purchases of stock in small companies in order to "pump" the stock price, before the scheme operators sell or "dump" their stock at the inflated price.