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- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
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NEWSLETTERS & ALERTS
SEC Freezes Brokerage Accounts Behind Alleged Insider Trading
The SEC obtained an emergency court order to freeze assets in 2 brokerage accounts supposedly used last week to earn more than $1 million in insider trading profits in connection with the announced telecommunications merger between Liberty Interactive and General Communication. Following the acquisition announcement, General Communication’s shares rose more than 62%.
According to the SEC’s complaint, … unidentified traders used foreign brokerage accounts in the U.K. (Nomura International) and Lebanon (Cedrus Invest Bank) to purchase call option contracts through U.S.-based brokerages (Interactive Brokers and Nomura Securities Int’l) and on U.S.-based exchanges in the days leading up to the April 4 public announcement of the acquisition.
The traders began purchasing out-of-the-money options 10 days after GCI's special committee met to consider
and negotiate a potential transaction with Liberty and continued trading for the 2 weeks immediately prior to the announcement of the acquisition. Lazard Freres was retained to advise GCI on the deal. The positions were liquidated following the announcement.
The court’s order freezes the foreign accounts’ assets contained in the U.S. brokerages. The SEC’s investigation is ongoing.