insider-trading

  • 17 Jun 2014 at 3:23 PM

Civil Penalty Watch ’14: Rajat Gupta

Ex-Goldman Sachs board member Rajat Gupta reported to prison earlier today for, among other things, being unable to wait more than 23 seconds to spill material non-public information to now-known insider trader Raj Rajaratnam. Also, he needs to come up with about $24.9 million, if anyone’s feeling generous. Read more »

On Tuesday, Rajat K. Gupta, the former managing director of the consulting firm McKinsey & Company who was convicted of insider trading, is scheduled to report to a minimum-security prison camp in Massachusetts, spending the next two years not far from his one-time friend and partner in crime, Raj Rajaratnam…In an interesting twist, Mr. Rajaratnam, the man to whom Mr. Gupta was convicted of giving corporate secrets on a raft of companies, including Goldman Sachs, is in FMC Devens’ federal medical center. Mr. Rajaratnam, the founder of New York hedge fund Galleon Group, is a diabetic and FMC Devens’ medical unit provides dialysis. His facility is next to the satellite camp where Mr. Gupta will be. One of the differences between the two prisons is that Mr. Rajaratnam has slightly longer visiting hours. On Fridays, he can mix with friends and family from 8:30 a.m. to 3 pm; Mr. Gupta can receive guests only from 2:30 p.m. to 8:30 p.m. [Dealbook]

So far the defense team has only one (Martoma was only responsible for $49 million out of the $276 million SAC Capital made based on inside information about Elan and Wyeth) but by late July? Hoo-boy, you just wait. It’ll be a regular BuzzFeed article up in that courtroom (20 Reasons Why Mathew Martoma Should Serve Far Fewer Years Than The Government’s Recommended Sentence). Read more »

After a high-profile setback involving a certain outspoken NBA owner (not that one), the SEC thought it had figured out how to get a jury to see things its way. Did one not just find that a Texas septuagenarian was every bit the conniving fraudster that the SEC said he was?

Well, Mary Jo White & co.’s winning streak did not last long, so they’re doing what it takes to prevent the start of another losing streak. Read more »

  • 03 Jun 2014 at 12:10 PM

Someone Still Believes In Steve Cohen

It may be the woman with whom he shares a marital bed, but every person counts. Read more »

At any other time, fine, Billy Walters could deal with the fact that federal authorities are reportedly “examining a series of well-timed trades” made by him and golfer Phil Mickelson, that Carl Icahn may or may not have mentioned in passing to the the men. But not now. Not when he’s gearing up for the fourth annual “World’s Sexiest Golf Tournament,” which is less than three months away and needs his undivided attention. Read more »

  • 02 Jun 2014 at 1:59 PM

Carl Icahn Puts The Wall Street Journal On Notice

In a telephone interview with Bloomberg Television’s Trish Regan, billionaire investor Carl Icahn responded to articles in the Wall Street Journal and the New York Times over the weekend suggesting he was implicated in an insider trading investigation. The investigation, which is being conducted by the FBI, the Securities and Exchange Commission, and federal prosecutors in Manhattan, also involves three-time Masters golf tournament winner Phil Mickelson and Las Vegas gambling impresario Billy Walters. “We do not know of any investigation. Further, we are always very careful to observe all legal requirements in all of our activities,” Icahn said. “We believe that making inflammatory and speculative statements, especially when we’ve had an unblemished record for 50 years, is completely irresponsible on the part of the Wall Street Journal.” [BusinessWeek]