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- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
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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.