Tuesday, 31 March 2015
Last updated 11 hours ago
Mar 1 2007 | 8:12pm ET
The Securities and Exchange Commission has charged fourteen defendants, some representing Wall Steet’s crème de la crème and a few hedge funds, with insider trading. According to the SEC, these insiders allegedly serially traded on material, nonpublic information tipped, in exchange for cash kickbacks, by other insiders at UBS Securities and Morgan Stanley.
In one scheme, which has allegedly been ongoing since 2001, at least eight professionals, three hedge funds, two broker-dealers and a day-trading firm made thousands of illegal trades and millions of dollars in profits using inside information misappropriated by a UBS executive to trade ahead of UBS analyst recommendations.
In a second scheme, several securities professionals and a hedge fund made dozens of illegal trades and hundreds of thousands of dollars in profits using inside information misappropriated by an attorney at Morgan Stanley to trade ahead of corporate acquisition announcements. Collectively, the SEC alleges that the defendants made at least $15 million in profits from these two insider-trading schemes.
The hedge funds in question include Lyford Cay Capital, a hedge fund at Bear Stearns, Q Capital Investment Partners and Chelsey Capital.
The SEC's complaint seeks permanent injunctive relief, disgorgement of illicit profits with prejudgment interest, and the payout of civil monetary penalties.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…