13 Accused of Trading as Insiders
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Federal authorities exposed one of the most far-reaching insider trading schemes on Wall Street in decades.
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LONDON -- Seven Britons linked to a plot to blow up US financial institutions, including the New York Stock Exchange, and stage a series of attacks in Britain were jailed for a total of 136 years by a London court yesterday.
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(InfoWorld) - A shareholder lawsuit against Hewlett-Packard (HP) forÂ attempting to spy on board members and reportersÂ has been expanded to include charges of insider stock trading. An amended complaint filed Wednesday in the Superior Court of California for Santa Clara County accuses HP Chairman and Chief Executive Officer Mark Hurd and seven other company executives of selling $41.3 million worth of HP stock at "inflated prices" shortly before the company revealed that its investigators had used questionable and possibly illegal techniques to gain access to personal records such as phone call logs. The eight executives sold 1.7 million shares of stock between Aug. 21 and Sept. 6, according to the lawsuit. In an Aug. 31 filing with the U.S. Securities and Exchange Commission (SEC), HP said an outside investigator used the practice of pretexting, pretending to be someone else, to gain access to personal records. Former HP Chairman Patricia Dunn and four others face criminal charges stemming from their alleged participation in the spying, which also used e-mail tracer technology, according to testimony before a U.S. congressional committee. HP also tried to prop up the value of its stock price by announcing on Aug. 21 it would repurchase $6 billion worth of its stock, the lawsuit says. "In the midst of this acrimony HP executives cashed in," says the complaint, filed by the Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP law firm. HP issued a statement calling the lawsuit "baseless." The lawsuit "represents a transparent effort to exploit issues related to HP's recent investigation for personal gain at the expense of HP, its shareholders and its employees," the statement said. "HP will defend itself vigorously." HP acknowledged that it had obtained the phone records of 12 people by using pretexting. The stockholder lawsuit, originally filed in September, asks the court to declare that HP's executives have "committed breaches of their fiduciary duties" and to order executives to repay the amount the company has been damaged by the spying scandal. The lawsuit also asks the court to require HP to reform its corporate governance and to extract punitive damages from Dunn, Hurd and other HP executives.
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Sharemarket watchdog the Securities Commission has filed unprecedented insider trading action against high-profile former owners and executives of Tranz Rail.
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Prosecutors charge 13 people with conspiring to overthrow the government.
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The defendants include former and current employees at major Wall Street firms such as Morgan Stanley and Oppenheimer.
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A banker in Pakistan is charged with insider trading in the US involving information about the sale of energy firm TXU Corp.
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Ten former Enron directors have agreed to pay $13 million out of their own pockets as part of a settlement with onetime shareholders.
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The U.S. Securities and Exchange Commission said on Thursday that it had charged 38 traders in a multimillion-dollar scheme involving phony finder fees and illegal kickbacks in the "stock loan" industry.
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Federal prosecutors charged a high-level investment banker in Pakistan with earning illegal profit from an insider-trading scheme.
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The Securities and Exchange Commission is preparing enforcement actions against three US stock exchanges -- and possibly the head of one of them -- over charges that in-house regulators failed to adequately enforce their own rules
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THREE senior officials running one of Americaâs junior stockmarkets could face civil charges relating to its options market, following a probe by US watchdog the Securities and Exchange Commission.
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Employees of some of Wall Street's top  banks were among more than a dozen people charged on Thursday  in what authorities called one of the most pervasive insider  trading rings since the 1980s, accused of using leaked  information and even blackmail to make millions of dollars.
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In the four days since New York Attorney General Eliot L. Spitzer alleged that brokers and corporate insurance carriers were engaged in bid-rigging and secret payoffs
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NEW YORK, Sept. 25 -- A former hedge fund manager has been charged with criminal insider trading for allegedly profiting from confidential information she had received from Arlington investment firm Friedman Billings Ramsey Group Inc.
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The Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans
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Experts say improper trading flourishes in periods of rampant mergers and acquisitions, fueling insiders to cash in on their advance knowledge. But even in the relatively slow dealmaking scene of the past few years, the SEC has brought about 60 cases a year.