Friday, September 4, 2015

SEC News - Insider Trading, Asset Freeze, FCPA Violations

Former Investment Bank Analyst and Two Others Charged With Insider Trading in Advance of Client Deals
A former investment bank analyst has been charged with illegally tipping his close friend with confidential information about clients involved in impending mergers and acquisitions of technology companies. The SEC also charged his friend and another individual with trading on the inside information.

Asset Freeze Against Alleged EB-5 Fraudster in Seattle Area
An asset freeze has been obtained against a man in Bellevue, Wash., accused of defrauding Chinese investors seeking U.S. residency through the EB-5 Immigrant Investor Pilot Program by investing in his companies.

Citigroup Global Markets Charged for Compliance and Surveillance Failures
Citigroup Global Markets has agreed to settle charges that it failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse of material, nonpublic information. The firm also failed to adopt and implement policies and procedures to prevent and detect principal transactions conducted by an affiliate.

BNY Mellon Charged With FCPA Violations
BNY Mellon has agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.

Citigroup Affiliates to Pay $180 Million to Settle Hedge Fund Fraud Charges
Two Citigroup affiliates have agreed to pay nearly $180 million to settle charges that they defrauded investors in two hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors. The funds later crumbled and eventually collapsed during the financial crisis.
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