Thursday, September 22, 2011

SEC Charges Former Goldman Sachs Employee and His Father with Insider Trading

More Insider Trading allegations from the SEC. This time it is a Goldman Sachs employee who worked on Goldman's ETF desk. According to the Commission's allegations, the defendant obtained non-public details about Goldman’s plans to purchase and sell large amounts of securities underlying the SPDR S&P Retail ETF (XRT). He tipped his father, and they then traded those securities.

The case marks the SEC’s first insider trading enforcement action involving ETFs.

SEC Charges Former Goldman Sachs Employee and His Father with Insider Trading; 2011-188; September 21, 2011

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