SAC’s Richard Lee Admitted to Insider Trading. Then He Cleared His Name (Bloomberg)
Richard Lee doesn’t remember the trades that upended his life. A former SAC Capital Advisors LP portfolio manager, Lee managed a $1.25 billion fund for his boss Steve Cohen. He had tens of thousands of trades under his belt, so the roughly $10 million in Yahoo Inc. shares he bought on July 10, 2009, didn’t really stand out. But when the FBI approached him in March 2013, saying they had proof the investment was based on an illegal tip, the forgotten trades left him feeling trapped.
Insider Trading Cases: SEBI Comes Out With New Informant Mechanism To Reward Whistleblowers (Bloomberg)
The Securities and Exchange Board of India on Tuesday came out with a new mechanism to reward whistleblowers and other informants for sharing information about insider trading cases. Under the new framework, it would be mandatory to disclose the source of information, besides, confidentiality regarding the identity of the informant would be protected, the regulator said in a statement. Insider trading refers to trading of securities while in possession of Unpublished Price Sensitive Information about the particular securities.
In Insider Trading Case US Opposes Telemaque Lavidas Subpoena to MCC for Cooperator Records (InnerCityPress.com)
SDNY COURTHOUSE, Dec 24 – From Buffalo Wild Wings to a London insiders traders love next, an arrest on Friday October 18 led to an unsealed indictment on October 21 in the U.S. District Court for the Southern District of New York. No honor, nor borders, among thieves. On October 22 the US Attorney’s Office announced more, below. But the cases are split between SDNY judges, which Inner City Press will cover. Before an unsuccessful October 23 bail argument, ReedSmith argued to Judge Denise Cote: “Re: United States v. Nikas, et al.; 19 CRIM 716 Dear Judge Cote: In anticipation of the bail hearing scheduled for today at 12:45 pm, we write to bring additional information to the Court’s attention.
Chegg Inc (CHGG) PRESIDENT, CEO & CO-CHAIRMAN Daniel Rosensweig Sold $5.8 million of Shares (Guru Focus)
PRESIDENT, CEO & CO-CHAIRMAN of Chegg Inc., Daniel Rosensweig, sold 150,000 shares of CHGG on 12/20/2019 at an average price of $38.36 a share. The total sale was $5.8 million. Chegg Inc is a student-first connected learning platform empowering students to take control of their education to save time and money. It offers its products and services under Chegg services and required materials categories. Chegg Inc has a market cap of $4.6 billion; its shares were traded at around $38.04 with and P/S ratio of 11.76. GuruFocus has detected 1 severe warning sign with Chegg Inc.
The President & CEO of Urstadt Biddle Properties (NYSE: UBA) is Buying Shares (Analyst Ratings)
Yesterday, the President & CEO of Urstadt Biddle Properties (UBA), Willing Biddle, bought shares of UBA for $666K. Following this transaction Willing Biddle’s holding in the company was increased by 8.94% to a total of $65.33 million. Following Willing Biddle’s last UBA Buy transaction on December 26, 2017, the stock climbed by 4.4%.
