SC Charges Former DISTECH MD for Insider Trading (NST.com.my)
KUALA LUMPUR: The Securities Commission has charged Cheah Yew Keat, former managing director of DIS Technology Holdings Bhd (DISTECH), with five counts of insider trading in its shares. SC said Cheah was alleged to have disposed 2,884,300 units of DISTECH shares via the accounts belonging to one Chuah Ni while in possession of non-public information between March 1, 2010 and March 4, 2010. The non-public information referred to in all charges relates to the alleged misstatement of DISTECH’s quarterly financial reports between the third quarter of 2008 and the fourth quarter of 2009 which had a significant impact on DISTECH’s financial results, it added.
SodaStream CEO Allegedly Profited From Insider Trading (Haaretz.com)
The allegations that Daniel Birnbaum, the former SodaStream international CEO, helped an associate earn 156,000 shekels ($44,500) in insider profits on the company’s stock captured the headlines when news of it surfaced last month. Birnbaum is alleged by Israel Securities Authority investigators to have given Ayala Sara Cohen advance information on corporate earnings and the impending deal by PepsiCo to buy SodaStream.
SEC to Settle with Five Involved in Insider Trading Scheme (Finance Magnates)
The Securities and Exchange Commission today said it will settle insider trading charges with five people accused of generating ‘millions of dollars’ based on tips from a former IT employee of a large bank about dozens of pending corporate transactions. The SEC said Daniel Rivas, who worked in Bank of America, leaked nonpublic information about potential mergers, acquisitions and tender offers. From October 2014 to April 2017, the alleged tipper passed confidential details about the bank’s clients more than 30 times to co-conspirators, who then traded on the tips.
Convicted Sports Bettor Billy Walters $25 Million Insider Trading Appeal Rejected by US Supreme Court (Casino.org)
Walters, 73, was found guilty in April 2017 of obtaining privileged information from Tom Davis, the former chairman of America’s largest dairy producer, Dean Foods, in order to profit from illegal trades in the company’s stock. He was also ordered to pay a $25.4 million penalty, which was the amount that could be definitively traced to his insider trading, though prosecutors suggested his true profit could have been as much as $43 million.
Shareholder Suits Against Kraft Heinz Start Piling Up (Bloomberg Law)
Food giant Kraft Heinz Co. has been hit with another shareholder lawsuit over write-downs in February, this time in Delaware’s Court of Chancery alleging insider trading. Shareholder Barbara Kailas on Oct. 9 sued several affiliates of global investment firm 3G Capital Inc, which partnered with Warren Buffet’s Berkshire Hathaway in 2013 to buy H.J. Heinz Co., and later acquired control of Kraft Foods Group when the two food giants merged in 2015.
