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Insider Trading

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BUSINESS
July 21, 2013 | By Marcy Gordon, Associated Press
WASHINGTON - The Securities and Exchange Commission filed civil charges Friday against Steven A. Cohen, accusing the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded. Cohen founded and runs SAC Capital Advisors. The government has called the case one of the biggest insider-trading fraud cases in history. The SEC said Cohen failed to supervise two senior employees of SAC and prevent them from illegal insider trading. As a result of illegal trades by Cohen's hedge funds, the funds reaped profits and avoided losses of more than $275 million, the SEC said.
BUSINESS
May 17, 1987 | By Jennifer Lin, Inquirer Staff Writer
Thanks to Ivan F. Boesky, the dethroned king of stock speculators, "insider trading" is a household term that has come to connote stock- market shenanigans. But insider trading, in its common and legal form, refers merely to the buying and selling of stocks by people "inside" a corporation: officers, directors and shareholders who already hold more than 10 percent of the outstanding stock. Some investment experts think that closely watching the legal type of insider trading can be a profitable tip for outsiders.
BUSINESS
March 30, 2013 | By Larry Neumeister, Associated Press
NEW YORK - A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider-trading conspiracy that the government said made more than $6 million illegally for the investment company founded by billionaire businessman Steven A. Cohen. The arrest broadens the government's probe of trading practices at SAC Capital Advisors, which manages $15 billion. Two weeks ago, the Securities and Exchange Commission said two affiliates of SAC Capital would pay more than $614 million in what federal regulators called the largest insider-trading settlement ever.
NEWS
February 7, 2016
A Bucks County lawyer was convicted Friday in federal court of insider trading that netted him more than $75,000 in profit on an insurance-company merger, prosecutors said. Herbert Sudfield, 64, of Doylestown, was working for a law firm that represented Harleysville Group, Inc. in its 2011 merger with Nationwide Mutual Insurance Company. Knowing the merger was coming, Sudfield purchased shares of Harleysville stock before the deal was publicly announced, prosecutors said. Sudfield then lied to the FBI about his prior knowledge about the deal and details about his stock purchase, prosecutors said.
BUSINESS
November 20, 1986 | By Jennifer Lin, Inquirer Staff Writer (The Associated Press contributed to this article.)
Can insider trading be stopped? In the wake of the government's charges against Ivan F. Boesky, who was accused of reaping illegal profits in the stock market by using inside information, many in Congress think not, at least under existing laws. As a result, efforts in Washington are intensifying to create tougher penalties against using inside information that is not available to the general public. There also is discussion of devising new legislation for dealing with corporate takeover activity.
BUSINESS
October 14, 2011 | By Larry Neumeister, Associated Press
NEW YORK - A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced Thursday to 11 years in prison, the longest insider trading sentence ever but far short of the two decades sought by prosecutors. Galleon Group founder Raj Rajaratnam also was fined $10 million and ordered to forfeit $53.8 million by U.S. District Judge Richard J. Holwell, who said he concluded that Rajaratnam made more than $50 million in profits from his illegal trades.
NEWS
May 11, 2014 | BY JULIE SHAW, Daily News Staff Writer shawj@phillynews.com, 215-854-2592
A FORMER eBay and Gannett executive pleaded guilty yesterday in federal court to insider trading. Christopher Saridakis, 45, of Greenville, Del., was a senior executive at GSI Commerce, a King of Prussia-based e-commerce company when he provided confidential information about eBay's pending acquisition of GSI to others. He faces a maximum possible sentence of 20 years in prison and a $5 million fine when he is sentenced on Sept. 19 by U.S. District Judge Stewart Dalzell, the U.S. Attorney's Office said.
BUSINESS
November 19, 1986 | By Andrew Cassel, Inquirer Staff Writer
Alone in his office, the president of Amalgamated Widget puts down the phone and smiles. He's just gotten a commitment for a contract to sell $1 million worth of advanced-design widgets. Nothing's on paper yet, and can't be discussed, but the deal looks as good as done. The president picks up the phone again, dials his broker and buys 5,000 shares of his company's stock. His purchase lifts the price of Widget shares $1 for the day. Though they know nothing about the contract, hundreds of small shareholders are just a little richer, and the movement alerts close watchers of Widget stock that something may be up. The executive, of course, has broken the law governing insider trading.
BUSINESS
June 23, 1994 | By Dan Stets, INQUIRER STAFF WRITER
The chief executive of Shared Medical Systems yesterday agreed to pay $199,995 in penalties and interest to settle insider-trading charges, the Securities and Exchange Commission said. But R. James Macaleer issued a statement disputing the SEC, saying he had admitted only to a negligence charge and not to insider trading. The SEC said Macaleer admitted violating Section 17(a)(3) of the Securities Act of 1933, which covers fraud and actions that constitute fraud, even if the fraud was not deliberate.
BUSINESS
March 19, 2002 | By Miriam Hill INQUIRER STAFF WRITER
At Enron Corp., the jackpots came easily and quickly: Since 1998, company executives and directors sold stock worth $1 billion. In hindsight, the massive sales of Enron stock by chief executive officer Kenneth Lay and other insiders should have raised a red flag, brightly painted with the word sell, for investors wondering about the company's future. If only it were so easy. Unfortunately, sales and purchases of company stock by corporate executives and directors do not always telegraph information clearly.
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NEWS
September 13, 2016
Eddie Antar, 68, who turned the Crazy Eddie electronics stores into a retail giant before it collapsed amid federal fraud charges, died Saturday, the Bloomfield-Cooper funeral home in Ocean Township, N.J., confirmed Sunday. A cause of death wasn't disclosed. The Crazy Eddie chain was known for its ads featuring a maniacal pitchman who touted "Our prices are insane!" Mr. Antar started working in Brooklyn, and the chain eventually grew into 43 stores. But he fled to Israel after being indicted on charges of securities fraud and insider trading.
NEWS
June 4, 2016 | By Bob Fernandez, Staff Writer
The $12 billion Hershey Trust for impoverished children has placed its chief compliance officer and top in-house lawyer, Marc A. Woolley, on administrative leave as the state Attorney General's Office seeks removal of three of the trust's board members. Woolley vividly described the trust board's infighting in a memo last September that was circulated to board members and later leaked along with other documents to the Office of the Attorney General, leading to a new state investigation of the trust.
BUSINESS
May 18, 2016 | By Erin Arvedlund, Staff Writer
A 28-year-old Ukrainian hacker pleaded guilty Monday to taking part in a long-running international scheme in which yet-to-be published financial news releases were stolen and the information used in illegal trading that generated an alleged $30 million in profits. The scheme - in which a Glen Mills man, Vitaly Korchevsky, 50, also has been charged - involved trading ahead of about 800 corporate news releases, hours or even days before the releases went public. The traders allegedly paid the hackers a percentage of the illegal profits and used foreign shell companies to share in them, as well, according to federal prosecutors.
BUSINESS
April 12, 2016 | By Erin E. Arvedlund, Staff Writer
The Securities and Exchange Commission has a relatively new cop on the beat here: Sharon Binger, director of the Philadelphia Regional Office. The Philly office oversees enforcement and examinations for the mid-Atlantic region. Binger joined it from the SEC's New York office in 2014, where she was assistant regional director. In an interview, Binger outlined some recent cases and priorities, first highlighting the one filed last week against Paul-Ellis Investment Associates, which the SEC examined at the firm's offices at 1818 Market St. In a suit filed against Joseph Andrew Paul and John Dee Ellis Jr., both of Philadelphia, the SEC alleges that the men orchestrated a fraud of a dozen retirees that totaled $3.9 million.
NEWS
February 7, 2016
A Bucks County lawyer was convicted Friday in federal court of insider trading that netted him more than $75,000 in profit on an insurance-company merger, prosecutors said. Herbert Sudfield, 64, of Doylestown, was working for a law firm that represented Harleysville Group, Inc. in its 2011 merger with Nationwide Mutual Insurance Company. Knowing the merger was coming, Sudfield purchased shares of Harleysville stock before the deal was publicly announced, prosecutors said. Sudfield then lied to the FBI about his prior knowledge about the deal and details about his stock purchase, prosecutors said.
NEWS
October 9, 2015 | Ed Barkowitz, Daily News Sports Columnist
GOT A curious email in May that I've been thinking about a lot this week. The Soul was playing in Atlantic City and, in an otherwise innocuous preview story, I wrote the following: The fantasy gambling website DraftKings.com is the title sponsor (for the game), which is sort of appropriate. For years, Soul owner Ron Jaworski has wanted to play a home game away from the Wells Fargo Center, and a trip to A.C. represents a gamble. Harmless, right? Not so fast. That paragraph led to an email from a woman representing DraftKings chiding me that DraftKings is not a gambling website.
NEWS
August 17, 2015 | By Jeremy Roebuck, Inquirer Staff Writer
The congregation of a Delaware County church has urged a federal judge in New York to grant its pastor bail after he was charged this week in an international insider-trading scheme involving Ukrainian hackers. In a letter submitted to U.S. District Judge Raymond J. Dearie, board members of the Slavic Evangelical Baptist Church of Brookhaven described Vitaly Korchevsky, 50, as a "very respected and connected person within our community" devoted to "God's calling to evangelize the world.
NEWS
August 13, 2015 | By Jeremy Roebuck and Erin Arvedlund, Inquirer Staff Writers
Federal authorities say Vitaly Korchevsky is a crooked money manager who worked for years with Ukrainian hackers to pull off an audacious $100 million insider trading scheme. His wife describes him as a humble pastor who routinely travels the world on behalf of one of the largest Slavic Baptist churches in the Philadelphia suburbs. But regardless of whether Korchevsky is just one or both of those things, he stands accused in what prosecutors are calling an "unprecedented hacking and trading scheme" that demonstrates a new threat posed by sophisticated cyber criminals.
NEWS
July 18, 2015 | By Chris Palmer, Inquirer Staff Writer
A Doylestown lawyer was indicted Thursday for allegedly using advance knowledge about his clients' activities to make illegal stock purchases in 2011, netting him about $75,000 in profit, according to the U.S. Attorney's Office. Herbert Sudfeld, 64, listed as a partner at the Bucks County law firm Curtin & Heefner, was charged with one count of insider trading for allegedly buying stock in a company he represented the day before a merger, then selling those shares for an 85 percent return a day later, once the deal was announced, according to the indictment.
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