It’s unlikely when former Indiana parliamentarians, FBI trainees, Wall Street bankers, and several others announced Monday charges of criminal and civil insider trading against nine people in a series of unrelated cases. Grouped.
A series of lawsuits filed by a U.S. lawyer in Manhattan and the Securities and Exchange Commission continued to trade confidential information about imminent corporate transactions ten years after federal authorities began cracking down on insider trading in the hedge fund industry. Shows that it is attractive. A few. Overall, officials said the plan earned more than $ 7 million in illegal trading profits.
“As today’s actions show, we are ready to use all our expertise and tools to eradicate fraud and hold malicious individuals accountable, regardless of industry or profession.” Said Gurbir S. Grewal, Executive Director of the SEC.
When filing criminal and civil securities fraud charges Stephen BuyerAuthorities said buyer, a former Indiana parliamentarian, had misused confidential information about the telecommunications merger that he had obtained while working as a corporate consultant.
Republican buyer, who left Congress in 2011, exchanged one tip he received in 2018 with one of his clients, a T-Mobile executive, while out of golf, according to billing documents. .. Executives said the company will soon announce a deal to merge with Sprint, with buyers and two others acquiring shares in Sprint, making more than $ 107,000 in profits prior to the deal.
In a tip on another telecommunications transaction in 2019, buyers made more than $ 227,000 in profits by trading information received from one of their clients about a transaction to buy another company, officials said. ..
Buyer’s lawyer, Andrew Goldstein, said his client was innocent and “his stock trading was legal.”
Authorities also Brijesh Goel, An investment banker who traded confidential information he received in 2017 while working for his company. Goel made an illegal deal with a friend prior to announcing the acquisition of a company that generated more than $ 275,000 in profits, officials said.
Federal prosecutors in Manhattan and the SEC did not identify the investment bank where Mr Goel worked. However, according to Goel’s LinkedIn profile, he worked for Goldman Sachs from 2013 to June 2021. Goel currently works for Apollo Global Management, a private equity firm. An Apollo spokesman said “when I first heard of the complaint this morning,” Goel was put on “indefinite vacation.” A Goldman spokeswoman did not respond to a request for comment.
Goel’s lawyer couldn’t comment immediately.
Authorities also prosecuted Seth Markin, A former FBI trainee, has made $ 82,000 in illegal transactions by misusing sensitive information about pending transactions involving pharmaceutical company Merck. Federal prosecutors and regulators said Markin had traded information obtained after secretly considering a confidential transaction binder owned by his girlfriend at the time.
Markin shared a hint with a friend who exchanged information, according to the invoice.
Markin’s lawyer couldn’t comment immediately.
“The message of the arrest today is simple. My office is still working to eradicate all forms of insider trading,” said Damian Williams, United States Attorney for the Southern District of New York.
