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- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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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.