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Insider Trading

The United States (US) Securities and Exchange Commission (SEC) has announced that it has reached settlements with the following individuals (both filed 31 March 2014) in separate insider trading cases:

Published in Insider Trading

Three Convicted for Pre-takeover Insider Trading

03 Apr 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that three individuals have been convicted and sentenced for their roles in an insider trading scheme.

Published in Insider Trading

NY Attorney General Targets "Insider Trading 2.0"

19 Mar 2014
Written by World Watch

The New York State Office of the Attorney General (OAG) has announced that major news distribution and reporting company Marketwired has agreed to stop selling "information that Marketwired distributes on behalf of clients" to high-frequency traders in direct feeds. According to the OAG, high-frequency trading firms had been able to "take advantage of the sub-second difference between the time when Marketwired released information directly to its subscribers and the time when various news aggregators were able to receive and deliver that information to the broader market".

Published in Insider Trading

The Australian Securities and Investments Commission (ASIC) has released Report 386 - ASIC supervision of markets and participants: July to December 2013 (March 2014), which "summarises key operational statistics and outcomes of ASIC's market and participant supervisory functions in relation to [Australian market licensees] for the period 1 July [2013] to 31 December 2013".

Published in Insider Trading

Former Director Jailed for Insider Trading

12 Feb 2014
Written by World Watch

The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that former CITIC Pacific Ltd (CITIC Pacific) finance assistant director Simon Chui Wing Nin has pleaded guilty to "two counts of insider dealing in the shares of CITIC Pacific", and has been sentenced to nine months' imprisonment and fined HK$612,000.

Published in Insider Trading

ASIC Enforcement Report

04 Feb 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has released Report 383 - ASIC enforcement outcomes: July to December 2013 (January 2014), which outlines enforcement outcomes achieved by ASIC between 1 July - 31 December 2013. In that period, ASIC achieved 340 enforcement outcomes, including criminal, civil and administrative actions, as well as negotiated outcomes such as enforceable undertakings.

Published in Financial Integrity

The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has barred two brokers "from the securities industry for their roles in an insider trading scheme". FINRA's Complaint (17 May 2013) alleges that JPMorgan Securities conflicts office vice president David Gutman and former Meyers Associates registered representative Christopher Tyndall took part in "a massive, serial insider trading scheme that generated more than [US]$9 million in profits by persons who traded in advance of the public announcements of 15 corporate mergers and acquisitions".

Published in Insider Trading

The Hong Kong (HK) Securities and Futures Commission (SFC) has made available Towards better corporate governance (12 December 2013), a speech delivered by SFC chairperson Carlson Tong at the Chamber of Hong Kong Listed Companies 11th anniversary gala dinner.

Published in Insider Trading

The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that the Court has ordered former Morgan Stanley Asia Ltd managing director Du Jun to pay 297 investors a total of HK$23.9 million (approximately US$3.1 million/€2.2 million) in restitution "as a result of his insider dealing in shares" over a two-and-a-half-month period in 2007.

Published in Insider Trading

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".

Published in Insider Trading

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