Friday, 27 March 2015
Last updated 2 hours ago
Apr 21 2008 | 5:42pm ET
The Securities and Exchange Commission last week filed suit against an Ohio day-trader, accusing him of trading based on information he stole from his brother-in-law, a private equity executive.
According to the complaint, filed in Manhattan federal court, Michael Stummer, while visiting his brother-in-law—a principal of private equity firm Caxton-Iseman Capital who is not identified by name in the complaint—in New York, correctly guessed his brother-in-law’s password and gained access to his computer, all while his brother-in-law was away from home. Stummer allegedly used his illicit access to read several e-mails related to a Caxton portfolio company’s acquisition of Ryan’s Restaurant Group.
The SEC says Stummer bought 5,500 Ryan’s shares on July 21, 2006—the same day he accessed the insider information—and July 24. The Ryan’s acquisition was announced by Caxton-Iseman on the following day, July 25, whereupon Stummer sold all of his Ryan’s shares, netting more than $22,000.
The SEC is seeking disgorgement of ill-gotten gains, and an equal amount in civil 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…