Thursday 1/24 Insider Buying Report: GOF, ARCC (Nasdaq.com)
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy – they expect to make money. So let’s look at two noteworthy recent insider buys. At Guggenheim Strategic Opportunities Fund (GOF), a filing with the SEC revealed that on Tuesday, Director Randall C. Barnes purchased 5,275 shares of GOF, for a cost of $18.98 each, for a total investment of $100,096. Guggenheim Strategic Opportunities Fund is trading up about 0.4% on the day Thursday. Before this latest buy, Barnes bought GOF at 6 other times during the past year, for a total investment of $335,426 at an average of $20.54 per share.
Measure Seeks to Curb Insider Trading (FinancialRegNews.com)
Reps. Patrick McHenry (R-NC) and Maxine Waters (D-CA) introduced last week legislation designed to address insider trading by ensuring corporate insiders inability to engage in the practice via trading plan changes. The Promoting Transparent Standards for Corporate Insiders Act would enable the government to address fraud and abuse within the nation’s financial system. “I am glad to join Chairwoman Waters in this meaningful effort to help the SEC better understand illicit insider trading,” McHenry, ranking member of the House Committee on Financial Services, said. “I look forward to working with the Chairwoman, and the Financial Services Committee as a whole, to explore ways to improve federal government oversight and protect American investors.”
United States: Insider Trading – 2018 Annual Review (Mondaq.com)
LOOKING BACK: “The crime of insider trading is a straightforward concept that some courts have somehow managed to complicate.” So lamented United States District Court Judge Jed Rakoff in December 2018. His unorthodox first sentence of a decision denying a motion to dismiss an insider trading indictment in fact understates the ambiguity and confusion that pervades the law of insider trading. Grappling with the uncertainties created by a line of cases following the U.S. Court of Appeals for the Second Circuit’s controversial 2014 opinion in United States v. Newman, judges in the Second Circuit found themselves having to determine the criminal culpability of a defendant—as they did for Mathew Martoma—based in part on close consideration of what it means to be a friend.
Steve Bartlett Insider Trade for 200 Shares of Ares Capital (ARCC); METALLICA MINERALS LTD. ORDINARY SHARES (MLMZF) Shorts Decreased By 99% (HiNewULM.com)
METALLICA MINERALS LTD. ORDINARY SHARES (OTCMKTS:MLMZF) had a decrease of 99% in short interest. MLMZF’s SI was 100 shares in January as released by FINRA. Its down 99% from 10,000 shares previously. It closed at $0.021 lastly. It is down 0.00% since January 24, 2018 and is . It has by 0.00% the S&P500. Metallica Minerals Limited engages in the development, evaluation, and exploration of mineral properties in Australia. The company has market cap of $5.80 million. It explores for bauxite, zircon-rutile, nickel, cobalt, scandium, and graphite resources. It has a 3 P/E ratio.
