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A massive insider trading case brought by the SEC revealed that some people working for SAC Capital routinely skirted the rules surrounding non-public information and allowed them to bag big ...
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 ...
For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A would be taken over and then bought shares in Company A while knowing that the share price would likely rise. In the United States and many other jurisdictions, "insiders" are not just limited to ...
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.
A federal insider trading prosecution involving men from Miami-Dade beach cities halted last week after the government’s prime witness claimed testifying against one of his alleged cohorts ...
The SEC's Rule 10b5, under the Securities Exchange Act of 1934, makes it illegal for anyone to "employ any device, scheme, or artifice to defraud" in connection with the purchase or sale of a ...
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.
Trading based on insider information, like that handed to the AI bot, is considered illegal in the U.K. and in the U.S. It carries a maximum prison sentence of 20 years and a maximum fine of $5 ...