Matthew Martoma’s Appeal Over Lucrative Insider Trading Scheme Denied by Supreme Court (Fox Business)
An appeal from Matthew Martoma, a former portfolio manager Opens a New Window. at Steven A. Cohen’s SAC Capital who was convicted of insider trading, Opens a New Window. was denied by the Supreme Court on Monday. The hedge fund manager was hoping to have his insider trading conviction overturned, but the High Court upheld a prior ruling that there was enough evidence to establish his guilt, despite claims that the jury was improperly instructed, as reported by Reuters.
The CAO of Chubb Limited (NYSE: CB) is Selling Shares (Analyst Ratings)
Today, the CAO of Chubb Limited (CB), Paul Bennett Medini, sold shares of CB for $400.2K. In addition to Paul Bennett Medini, 3 other CB executives reported Sell trades in the last month.
Follow These Corporate Insider Buyers (Forbes)
Harold Hamm, 73, is a multi-billionaire (Forbes estimates Hamm and his family are worth $10.1 billion), a major Republican donor, and a pioneer in shale drilling in the Bakken formation, which is located in North Dakota, Montana and adjacent parts of Canada. Hamm has a big appetite for the stock of Continental Resources (CLR), the oil-and-gas company he runs. He snapped up 93,000 shares in May, and that was nothing compared to the 791,828 shares he bought in March and the 883,977 shares he purchased in February.
Notable Insider Buys This Past Week: Coty, Zillow and More (Benzinga)
Here’s a look at a few notable insider purchases reported in the past week, but also note that Richard Kinder, executive board chair of Kinder Morgan Inc KMI 0.35%, has continued his long streak of scooping up shares of the company. Zillow: Zillow Group Inc Z 1.88% had a director return for more notable indirect share purchases this past week. At $41.71 to $42.37 apiece, the 690,000 shares acquired most recently totaled around $29.01 million. Note that this director also bought over $58.6 million worth of the shares in the previous week.
Supreme Court Declines Chance to Review Insider Trading Prosecutions (The Hill)
The Supreme Court on Monday declined to review the case of Mathew Martoma, who was convicted in one of the most profitable insider-trading schemes in recent history. Lawyers for Martoma, a former portfolio manager who is currently serving a nine-year sentence, have argued that the jury in his trial was not properly instructed and say there was insufficient evidence to back a conviction. But the Court of Appeals for the Second Circuit in 2018 upheld Martoma’s sentence, and the unsigned order from the justices on Monday effectively shuts the door on the case.
Insider Activity: Hershey CFO Buys 1,000 Shares (Investors Observer)
Steven Voskuil, Senior Vice President and CFO at Hershey (HSY), bought 1,000 shares of the company’s common stock on May 31. Voskuil paid a total of $129,104 for the new shares.
CFO Insider Trading Anomaly For June: Biggest Buys Yielding Best Returns (Seeking Alpha)
Currently, the portfolio of largest CFO stock purchases are beating the S&P 500 in both April by +2.34% and in May by +3.16%. Average total returns for all CFO insider trades has outperformed the S&P 500 for May by +3.95%. The best-performing CFO insider purchases are detailed in the article below with returns from April as high as 67% since the original CFO transaction. Research shows that one-quarter of the abnormal returns on CFO purchases were yielded in the first five days, and half of the abnormal returns were yielded in the first month” (Jeng, Metrick, and Zenghauser, 2003).
