New York Businessman Convicted in Insider-Trading Trial (The Wall Street Journal)
A federal jury in Manhattan found a New York businessman guilty on charges that he leaked inside information about a publicly traded biotechnology company to a Greek stock trader, as part of an alleged international insider-trading network. The businessman, Telemaque Lavidas, was found guilty on all of the counts he faced. The verdict Wednesday marks a victory for the Manhattan U.S. attorney’s office and the Federal Bureau of Investigation, which spent years pursuing the alleged trading ring. Authorities estimate that the network yielded tens of millions of dollars in illicit profits.
Global Insider-Trading Probe Lands Conviction of U.S. Leaker (1) (Bloomberg Law)
The son of a pharmaceutical-company director was convicted in New York of leaking company secrets to a close friend who prosecutors say was part of a global insider-trading network. Telemaque Lavidas, 39, was the first U.S. defendant tried in connection with an insider scheme that generated tens of millions of dollars on illegal tips about drug companies from investment bankers and corporate insiders. Though Lavidas played a small role in the plot, his trial in Manhattan shed light on how a corrupt Swiss trader and others exploited contacts on three continents for market-moving information.
Oracle Corp (ORCL) EVP and General Counsel Dorian Daley Sold $2.8 million of Shares (Guru Focus)
EVP and General Counsel of Oracle Corp, Dorian Daley, sold 50,000 shares of ORCL on 01/14/2020 at an average price of $55.01 a share. The total sale was $2.8 million. Oracle Corp is a computer software company. It sells enterprise information technology solutions, including databases, middleware, applications, and hardware. The Company primarily offers software licenses, support, and maintenance services worldwide.
Why Rewarding Whistleblowers is Key to Tackling Insider Trading (CNBCTV18.com)
A promising alternative mechanism to the existing regulatory framework for reporting insider trading concerns by whistleblowers took effect on December 26, 2019, when the provisions of Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2019, came into force. With this, a whistleblower would have an option to report insider trading concerns directly to the Indian securities market regulator, the Securities and Exchange Board of India (Sebi), instead of approaching the listed company.
Sebi Fines 3 Entities for Fraudulent Trading in Stock Options (Business Insider)
New Delhi, Jan 15: Capital market regulator Sebi has imposed a fine of Rs 5 lakh each on three entities for indulging in unfair trade practices. V S G Leasing and Finance, Himadri Steel and Gyandeep Khemka are the entities fined by the regulator after it found reversal of trades in illiquid stock options segment on BSE that led to creation of artificial volume, as per Sebi’s orders. The orders follow a probe conducted by the regulator in the stock options segment of the BSE from April 2014 to September 2015.
