Tuesday, June 16, 2015

SEC News - Insider Trading, Hedge Fund Theft, and Fraud

Swiss Trader to Pay $2.8 Million to Settle Insider Trading Charges
A Swiss trader has agreed to pay more than $2.8 million to settle charges that he traded on nonpublic information ahead of a Florida-based biometrics company’s acquisition by Apple Inc.

Phony Hedge Fund Manager Charged With Theft of Money Invested by Small Businesses
Fraud charges have been announced against a New Jersey man accused of posing as a hedge fund manager and defrauding small companies out of more than $4 million.

Biotech Employee and Two Stockbrokers Charged With Insider Trading on Nonpublic Information About Pharmaceutical Trials and Merger
Three men living in California have been charged with insider trading in the stock and options of a biotechnology company where one of them worked.

Trader to Pay $1 Million for Short Selling Violations
A trader residing in Canada has agreed to pay more than $1 million to settle charges that he shorted U.S. stocks in companies planning follow-on offerings and then illegally bought shares in the follow-on offerings to lock in significant profits with little to no market risk.

CSC and Former Executives Charged With Accounting Fraud
Computer Sciences Corporation and former executives have been charged with manipulating financial results and concealing significant problems about the company’s largest and most high-profile contract. The SEC additionally charged former finance executives involved with CSC’s international businesses for ignoring basic accounting standards to increase reported profits.
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