Ex-Goldman Banker Sentenced for Insider Trading (The Wall Street Journal)
A former Goldman Sachs Group Inc. investment banker who traded on confidential information regarding prospective deals has been sentenced to three months in prison and ordered to pay back $130,000 in illegal gains. Woojae “Steve” Jung, who pleaded guilty to one count of securities fraud, was also sentenced to two years of supervised release, with six months of home confinement, and fined $30,000, according to court documents.
CFTC Attacks Insider Trading in Futures Market (Chicago Business)
The Commodity Futures Trading Commission is working closely with exchange operator CME Group to take on insider trading in the futures market, with help from a recently established CFTC task force. Representatives of the CFTC and CME talked about their heightened focus at a discussion last week convened by the Chicago Bar Association’s Futures and Derivatives Law Committee. The “Trading on Misappropriated Information: Enforcement Risks, Mitigation Strategies” panel included CFTC Chief Trial Attorney Lindsey Evans and CME Global Head of Investigations Andrew Vrabel.
Tuesday 6/11 Insider Buying Report: FOX, OXY (Nasdaq.com)
On Monday, Fox Corp (FOX)’s Chairman, Keith Rupert Murdoch, made a $20.56M buy of FOX, purchasing 600,000 shares at a cost of $34.27 each. Bargain hunters are able to pick up FOX at a price even lower than Murdoch did, with shares trading as low as $33.68 in trading on Tuesday – that’s 1.7% below Murdoch’s purchase price. Fox Corp is trading down about 0.1% on the day Tuesday. This buy marks the first one filed by Murdoch in the past twelve months. And at Occidental Petroleum Corp (OXY), there was insider buying on Monday, by CEO Vicki A. Hollub who purchased 37,460 shares at a cost of $48.15 each, for a total investment of $1.80M. Occidental Petroleum Corp is trading up about 0.9% on the day Tuesday. Hollub was up about 1.4% on the buy at the high point of today’s trading session, with OXY trading as high as $48.82 at last check today.
The Sr.V.P. Sales & Marketing of Service Corp International (NYSE: SCI) is Buying Shares (Analyst Ratings)
Today, the Sr.V.P. Sales & Marketing of Service Corp International (SCI), Steven Tidwell, bought shares of SCI for $669.5K. Following this transaction Steven Tidwell’s holding in the company was increased by 62.14% to a total of $3.19 million. In addition to Steven Tidwell, 7 other SCI executives reported Buy trades in the last month.
Insider Trading: June 11, 2019 (BIV.com)
The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week ended June 5, 2019. The information comes from a compilation of required reports filed with the BC Securities Commission obtained from DisclosureNet.com. Insider Stephen Gunn, officer. Company: The Keg Royalties Income Fund (TSX:KEG). Shares owned: 28,660. Trade date: May 30. Trade total: $324,497. Trade: Acquisition of 18,600 shares at a price of $17.39 per share.
SEBI Proposes Informant Mechanism to Combat Insider Trading (Regulation Asia)
SEBI wants to institute a process that incentivises timely reporting of instances of insider trading and provides for the granting of rewards to whistleblowers. SEBI (the Securities and Exchange Board of India) has proposed to issue a monetary reward of up to INR 10 million (USD 144,000) and amnesty from regulatory action to whistleblowers who provide details on insider trading violations. The new informant mechanism should help strengthen early detection of insider trading cases by providing “near absolute confidentiality along with appropriate safeguards,” according to a SEBI discussion paper.
Updated List of Firms Using Inaccurate Information to Solicit Investors (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 11 soliciting entities, four impersonators of genuine firms, and nine bogus regulators. The SEC’s list of soliciting entities that have been the subject of investor complaints, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list, enables investors to better inform themselves and avoid being a victim of fraud. The latest additions are firms that SEC staff found were providing inaccurate information about their affiliation, location, or registration. Under U.S. securities laws, firms that solicit investors generally are required to register with the SEC and meet minimum financial standards and disclosure, reporting, and recordkeeping requirements.
