The U.S. Securities and Exchange Commission is charging three men with insider trading in the stock and options of Ardea Biosciences Inc. Those charged included the company’s senior director of information technology Michael J. Fefferman, his brother in-law Chad E. Wiegand, and Akis C. Eracleous. Wiegand and Eracleous are stockbrokers.…
A federal judge has ruled that the decision by the Securities and Exchange Commission to have an in-house judge in an insider trading case was “likely unconstitutional.” In the wake of his decision, U.S. District Judge Leigh Martin May agreed to put a temporary stop to the regulator’s administrative case…
The Securities and Exchange Commission is filing insider trading charges against four persons accused of stealing confidential data from investment banks and public company clients so they could trade prior to secondary stock offerings. The four of them allegedly made over $4.4 million in illegal trading profits. Some 15 stocks…
The Securities and Exchange Commission is charging former VP of The Shaw Group’s construction operations Scott Zeringue and his brother-in-law Jesse Roberts III with insider trading. Zeringue has already agreed to settle the regulator’s charges by consenting to pay disgorgement of ill-gotten gains plus a penalty. The SEC says that…
The Securities and Exchange Commission says that former Barclays Capital (ADR) analyst John Gray, his friends Christian Keller and Kyle Martin, and Aaron Shephard committed California insider trading, making close to $750K in illegal profits. They did this by allegedly trading right before four corporate news announcements were made. To…
Ex-Capital Data One Analysts Are Defendants in SEC Insider Trading Lawsuit The U.S. Securities and Exchange Commission is suing Nan Huang and Bonan Huang, two former Capital One data analysts, for insider trading. The regulator contends that the two of them used nonpublic data to trade in consumer retail companies’…
SEC Investigating Ex-Oppenheimer Executive for Securities Law Violations According to Bloomberg.com, Robert Okin, Oppenheimer & Co.’s (OPY) former retail brokerage head, is under investigation by the Securities and Exchange Commission. In October, the agency’s enforcement division notified Okin that, based on a preliminary determination, it intended to file charges against…
Former Ameriprise Financial (AMP) Manager Reema D. Shah, who pleaded guilty to securities fraud earlier this year, will pay $390,103 to settle both the criminal and Securities and Exchange Commission cases against her. Shah, who was a tech stock picker for Ameriprise subsidiary RiverSource Investments, LLC, illegally recommended Yahoo Inc.…
Former Stockbroker Pleads Guilty to Insider Trading in IBM Case Daryl Payton, an ex-trader at Euro Pacific Capital Inc., has pleaded guilty to conspiracy to commit securities fraud. Payton was involved in an insider trading scam that revolved around software manufacturer SPSS Inc., which IBM acquired in 2009. A U.S.…
The U.S. Securities and Exchange Commission is asking a district judge to authorize a fair fund to pay back people shareholders who didn’t participate in an insider trading scam involving shares of Wyeth LLC and Elan Corp. PLC. The regulator is seeking to reimburse people who traded the stocks over…