Securities and Exchange Commission

  • 17 May 2010 at 10:40 AM

SEC Loses $5.7 Million in Fines Against Croatian Seamstress in Goldman Insider Trading Scheme

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A retired Croatian underwear seamstress, who allowed her nephew, a former Goldman Sachs analyst, to make illegal insider trades through her brokerage account, has won the reversal of a $5.7 million penalty she owed to the Securities and Exchange Commission because she sent her response to the allegations to the wrong address.

Back in 2005, the seamstress, Sonja Anticevic, was implicated in an insider trading ring that involved two Goldman employees, a New Jersey mailman, a former Merrill Lynch analyst and a printing plant worker in Wisconsin. Continue reading »

  • 20 Apr 2010 at 10:20 AM

SEC Nears Settlement in Pequot Insider Trading Case

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On the heels of the SEC’s action against Goldman Sachs, Wall Street’s top cop is nearing the conclusion of a high-profile insider trading case that has simmered for over five years.

According to several sources close to the case, the SEC is in final negotiations to settle insider trading charges against Pequot Capital Management, over a year after it issued the firm and its founder, Arthur Samberg a so-called Wells notice, indicating the agency was going to formally charge the firm.

It’s unclear what the final settlement will be, but sources said the two sides have recently discussed an agreement that includes a total of about $25 million in fines with Pequot neither admitting nor denying wrongdoing.

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