Former UBS Officer Had ‘No Motive and No Money’ in Alleged Insider Trading Deals, Court Hears (CityAM.com)
Fabiana Abdel-Malek has been accused of disclosing price-sensitive information regarding five company takeovers to her family friend and trader, Walid Choucair, between June 2013 and June 2014, allowing him to make more than £1m in profit. The Financial Conduct Authority (FCA), prosecuting, has charged each of the defendants with five counts of insider trading, which carries a maximum sentence of seven years in prison. Both deny the charges. The charges relate to trading in the shares of Kabel Deutschland Holding, BRE Properties, Elizabeth Arden, NorthStar Realty Finance and Targa Resources.
Life Time Insider Trading Conspirator Found Guilty by Federal Jury (ClubIndustry.com)
Eric Weller was found guilty of one count of conspiracy to engage in insider trading and faces a maximum sentence of five years in prison. In 2015, Weller was one of nine conspirators who, on an illegal tip, allegedly purchased and sold approximately 2,000 “highly speculative” call options for Life Time shares, amounting to $866,209, prior to the company’s privatization.
Former Provincial Official Gets 20-year Imprisonment for Bribery, Embezzlement, Insider Trading (BrinkWire.com)
CHONGQING, April 23 (Xinhua) – Wang Xiaoguang, former vice governor of Guizhou Province, was sentenced to 20 years in prison Tuesday on charges of bribery, embezzlement and insider trading. Wang was also fined 173.5 million yuan (25.8 million U.S. dollars), and his illegal gains will be turned in to the national treasury, according to the sentence by the First Intermediate People’s Court of Chongqing Municipality. Wang used his various positions between 1998 and 2017 in Guizhou to help others obtain government projects and personnel promotions, and in return illegally accepted money and goods worth over 48.7 million yuan.
Tuesday 4/23 Insider Buying Report: MS, HOFT (Nasdaq.com)
On Thursday, Morgan Stanley (MS)’s Head of Investment Management, Daniel A. Simkowitz, made a $332,979 buy of MS, purchasing 7,000 shares at a cost of $47.57 each. Bargain hunters are able to buy MS even cheaper than Simkowitz did, with shares trading as low as $46.88 at last check today which is 1.4% under Simkowitz’s purchase price. Morgan Stanley is trading off about 0.6% on the day Tuesday. And on Monday, Director Henry G. Williamson Jr. purchased $225,040 worth of Hooker Furniture Corp (HOFT), purchasing 8,000 shares at a cost of $28.13 a piece. This purchase marks the first one filed by Williamson Jr. in the past twelve months. Hooker Furniture Corp is trading up about 0.2% on the day Tuesday. Williamson Jr. was up about 1.6% on the buy at the high point of today’s trading session, with HOFT trading as high as $28.58 in trading on Tuesday.
The SR. V-P, General Counsel of Unit Corp (NYSE: UNT) is Selling Shares (AnalystRatings)
Today, the SR. V-P, General Counsel of Unit Corp (UNT), Mark Schell, sold shares of UNT for $85.31K. In addition to Mark Schell, one other UNT executive reported Sell trades in the last month. Based on Unit Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $215 million and GAAP net loss of $77.84 million. In comparison, last year the company earned revenue of $205 million and had a net profit of $7.87 million. Currently, Unit Corp has an average volume of 273.2K.
