Two Internal Auditors Charged with Repeated Insider Trading (HedgeCo.net)
(HedgeCo.Net) insider trading charges were filed against two internal auditors who repeatedly traded and tipped on confidential information that they obtained through their respective employers. The SEC’s complaint, filed in the U.S. District Court for the Western District of Tennessee, alleges that Lloyd Schuman, of Cordova, Tennessee, learned that his employer, Verso Corporation, had confidential plans to acquire privately-held NewPage Holdings Inc. According to the SEC’s Complaint, Schuman purchased Verso shares before Verso publicly announced the acquisition. Schuman also allegedly tipped a relative, who also purchased Verso shares before the public announcement. Immediately after the announcement, Schuman sold all of his Verso shares realizing more than $107,000 in profits. Schuman’s relative also sold his Verso shares, realizing more than $2,500 in profits.
SEC Settles ‘Unfriendly’ Insider Trading Case: Enforcement (ThinkAdvisor.com)
The Securities and Exchange Commission announced that insider trading charges were settled against a Nevada man who obtained confidential information about a pending corporate merger from a lifelong friend and used it to generate more than $250,000 in illicit trading profits. According to the SEC’s complaint, while Brian Fettner was a guest in the home of a longtime friend who was also the general counsel of Cintas Corp., Fettner surreptiously viewed documents contemplating an acquisition of G&K Services Inc. by Cintas.
Friday 5/10 Insider Buying Report: UCTT, GPC (Nasdaq.com)
At Ultra Clean Holdings (UCTT), a filing with the SEC revealed that on Wednesday, Director Clarence L. Granger bought 44,000 shares of UCTT, at a cost of $14.18 each, for a total investment of $623,905. Bargain hunters can pick up UCTT at a price even lower than Granger did, with shares changing hands as low as $13.53 at last check today which is 4.6% below Granger’s purchase price. Ultra Clean Holdings is trading up about 2.1% on the day Friday. This buy marks the first one filed by Granger in the past twelve months. And at Genuine Parts Co. (GPC), there was insider buying on Tuesday, by Group President Automotive Scott Sonnemaker who purchased 5,000 shares at a cost of $99.01 each, for a total investment of $495,050. Genuine Parts Co. is trading down about 0.7% on the day Friday. Investors have the opportunity to snag GPC at a price even lower than Sonnemaker did, with shares changing hands as low as $97.87 in trading on Friday which is 1.2% under Sonnemaker’s purchase price.
Market Regulation | The Insider Trading Rules Conundrum (MoneyControl.com)
A new stock exchange circular not only places promoters and employees of a listed company at a detrimental position but also poses challenges for the firm itself in terms of planning of corporate actions and raising funds. In recent years, corporate governance standards have been tightened all over the world. This is in response to a spate of corporate failures and a strong negative stock meltdown over governance issues, especially insider trading issues. In India, allegations under insider trading, whistleblower and auditor resignations have shaken the confidence of investors —both retail and institutional in recent years.
Internal Auditors Resolve SEC Insider Trading Suit (Law360.com)
Law360 (May 9, 2019, 8:49 PM EDT) — Two internal auditors agreed Thursday to pay a total of nearly $300,000 to resolve civil allegations by the U.S. Securities and Exchange Commission that they illicitly profited from insider information about…
MAS Bans Insurance Agent, Two Traders for Dishonesty (StraitsTimes.com)
Two traders and an insurance agent have been barred for several years from securities deal-making and giving financial advice after they were caught for dishonest dealings, including insider trading and forgery. The prohibition orders from the Monetary Authority of Singapore (MAS) took effect from Wednesday. Mr Jeremy Lee Seow Poh, who was the managing director at financial services company Jefferies Singapore (JSL), was barred for four years while his former colleague and JSL senior vice-president Ong Eng Keong was banned for two years.
The Executive VP-Administration of Opko Health (NASDAQ: OPK) is Buying Shares (AnalystRatings)
Today, the Executive VP-Administration of Opko Health (OPK), Steven D. Rubin, bought shares of OPK for $21.44K. In addition to Steven D. Rubin, 13 other OPK executives reported Buy trades in the last month. Currently, Opko Health has an average volume of 2,600. Starting in August 2018, OPK received 7 Buy ratings in a row. The insider sentiment on Opko Health has been positive according to 82 insider trades in the past three months. This sentiment is slightly higher than the average sentiment of company insiders in this sector.
