Sunday, 29 March 2015
Last updated 1 day ago
Jun 1 2007 | 11:21am ET
The Securities and Exchange Commission has sued Barclays Bank and Steven Landzberg, a former proprietary trader for Barclays’ U.S. distressed-debt desk, accusing both of insider trading.
The complaint, filed in New York federal court, alleges that Barclays and Landzberg traded millions of dollars of bond securities between March 2002 and September 2003 via nonpublic information received through six creditors’ committees. Landzberg, who simultaneously served as Barclays’ representative on the creditors’ committees and as its proprietary trader, received nonpublic information concerning the financial condition and prospects of the issuers among other detailed information.
Barclays and Landzberg allegedly misappropriated the information, failing to disclose any of their trades to the creditors committees, issuers, or their bond trading counterparties.
The complaint further alleges that Barclays’ senior management authorized Landzberg to buy and sell securities for Barclays’ account while he served on bankruptcy creditors’ committees. Barclays’ compliance personnel failed to prevent the illegal insider trading, despite receiving notice that the proprietary desk had nonpublic information and should have been restricted from trading.
Barclays and Landzberg each consented without admitting or denying the allegations in the commission’s complaint. Barclays was ordered to pay $10.9 million and Landzberg to pay a civil money penalty of $750,000.
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…