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Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. [1] In various countries, some kinds of trading based on insider information is illegal. The rationale for this prohibition of insider trading differs between countries/regions.
The Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta inside trading cases are parallel and related civil and criminal actions by the U.S. Securities and Exchange Commission and the United States Department of Justice against three friends and business partners: Galleon Group hedge fund founder-owner Raj Rajaratnam and former McKinsey & Company senior executives Anil Kumar and Rajat Gupta.
On Friday October 16, 2009, Raj Rajaratnam was arrested by the FBI for insider trading in the stock of several publicly traded companies. U.S. Attorney Preet Bharara put the total profits in the scheme at over $60 million, telling a news conference that it was the largest hedge fund insider trading case in United States history.
And it’s reigniting insider-trading concerns. Nancy Pelosi’s husband dumped 2,000 Visa (V) shares in July — just weeks before the payments giant was sued by the U.S. Department of Justice ...
SEC Rule 10b5-1, codified at 17 CFR 240.10b5-1, is a regulation enacted by the United States Securities and Exchange Commission (SEC) in 2000. [1] The SEC states that Rule 10b5-1 was enacted in order to resolve an unsettled issue over the definition of insider trading, [2] which is prohibited by SEC Rule 10b-5.
The 2020 congressional insider trading scandal was a political scandal in the United States involving allegations that several members of the United States Senate violated the STOCK Act by selling stock at the start of the COVID-19 pandemic in the United States and just before a stock market crash on February 20, 2020, using knowledge given to them at a closed Senate meeting.
SEC v. Texas Gulf Sulphur Co. [1] is a case from the United States Court of Appeals for the Second Circuit which articulated standards for a number of aspects of insider trading law under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5. In particular, it set out standards for materiality of inside information, effective ...
The Galleon Group was one of the largest hedge fund management firms in the world, managing over $7 billion, before closing in October 2009. [1] The firm was the epicenter of a 2009 insider trading scandal which subsequently led to its fall.