Thursday, 26 March 2015
Last updated 19 min ago
Apr 9 2013 | 10:08am ET
The sister and insider source of a former expert networker has settled allegations she passed confidential information about her employer to her brother.
ThanhHa Bao agreed to pay $145,000 and to be barred from serving as an officer or director of a public company for five years, the SEC said yesterday. Bao allegedly gave her brother, Tai Nguyen, confidential quarterly earnings information about medical-device maker Abaxis Inc., where she worked in the finance department. Her brother pleaded guilty last year to passing those tips to two hedge fund managers, Barai Capital Management founder Samir Barai and former SAC Capital Advisors analyst Noah Freeman, and was sentenced last month to one year in prison.
The $145,000 represents Nguyen's profits from his own trading on the Abaxis tips, which he allegedly received between 2006 and 2009.
Bao was fired by Abaxis after her brother's arrest, a fact that may have won him some leniency at sentencing. Bao was not charged criminally.
"When corporate insiders leak confidential information to a select few, the integrity of our markets is undermined," the SEC's Sanjay Wadhwa said. "Abaxis entrusted ThanhHa Bao with market-moving information, and she violated that trust to financially benefit her family."
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…