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SEC Insider Trading Case: Three Swiss Firms
July 18, 2011
The SEC acted quickly in charging 3 Swiss entities with insider trading - just 4 days after the alleged violations were completed. The SEC obtained emergency relief, including a freezing of assets, because the defendants are foreign entities, had placed their trades in overseas accounts, and there was substantial risk the illicit proceeds would be transferred overseas after clearing U.S. brokerage firms.
SEC Allegations. According the SEC filing on 7/15/11, the Swiss entities were identified as: Compania International Financiera S.A., Coudree Capital Gestion S.A., and Chartwell Asset Management Services. The trio purchased more than a million common shares of CT-based Arch Chemicals Inc. between 7/5/11 and 7/8/11 - mostly in London-based brokerage accounts. On 7/11/11, it was announced that Switzerland-based Lonza Group Ltd. would be acquiring Arch Chemicals. Inc. The 3 firms sold their shares of Arch stock for millions in profits.
The SEC alleges these firms possessed material, non-public information about Lonza's proposed acquisition of Arch at the time of their stock purchases.
SEC Staff Credits. Investigation conducted by Asst Regional Director Silvestre Fontes; Asst Regional Director Sandra Bailey; Senior Counsel Thomas Rappaport. They were assisted by Enforcement's Market Abuse Unit, headed by Daniel Hawke. Litigation will be conducted by Michael Foster. FINRA Office of Fraud Detection and Market Intelligence assisted in the investigation. [SEC PR 11-149, 7/18/11]
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