insider trading

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Inspiration for Gordon Gekko Dies
Inspiration for
Gordon Gekko Dies

Inspiration for Gordon Gekko Dies

Rogue trader Ivan Boesky was 87

(Newser) - Financier Ivan Boesky, who died Monday, was at the center of an insider-trading scandal in the 1980s but he may be best remembered for the movie character he partly inspired: Gordon Gekko, the villain in Wall Street . "Greed is all right, by the way," Boesky said in a...

UK Billionaire, Soccer Team Owner Charged in US With Insider Trading
Billionaire Joe Lewis
Won't End Up Behind Bars

Billionaire Joe Lewis Won't End Up Behind Bars

Ex-Tottenham Hotspur owner, 87, avoids jail time in insider trading case due to age, declining health

(Newser) - Joe Lewis won't see prison after all. The 87-year-old ex-owner of the Tottenham Hotspur soccer team was sentenced on Thursday for his role in an insider trading case that's said to have made his friends and associates millions, but US District Judge Jessica Clarke went easy on him...

He Eavesdropped on Wife's Work Calls, Made $1.8M

Tyler Loudon of Texas, convicted of securities fraud, now has to surrender all of it

(Newser) - For many people, working from home involved drowning out the spouse working feet away at the kitchen table. For Tyler Loudon of Houston, it involved the opposite. The 42-year-old "took advantage of his remote working conditions" to listen in on his wife's work calls, gaining confidential information he...

A 'Shocking' Find on Trading Ahead of Hamas' Oct. 7 Attack

New research suggests that investors profited ahead of the assault by short-selling shares

(Newser) - New research that looks at trading in the days before the Oct. 7 Hamas attack in Israel, in which at least 1,200 were killed, is raising suspicions on exactly who knew what before the assault. The 66-page paper published by NYU law professor Robert Jackson Jr. and Columbia law...

The Timing of These Trades Is 'Exquisite.' And a Little Fishy?

ProPublica looks at how corporate execs make millions buying and selling stocks of rival firms

(Newser) - Corporate execs appear to have a handy way to make a lot of money for themselves—buying and selling stocks of rival companies. ProPublica conducted a first-of-its kind analysis of such trades and discovered that lots of executives have an uncanny knack for making profitable trades with what it calls...

Democrat Wants New Leaders After Stock Ban Stalls

Pelosi brings the issue up just before recess

(Newser) - House Democratic leaders are taking heat for their handling of legislation to bar lawmakers from trading stocks. Rep. Abigail Spanberger, the Democrat who introduced the bill two years ago with support from both parties, issued a statement Friday saying House leaders had set the legislation up to fail, bringing the...

Ex-Congressman Arrested on Insider Trading Charges

Stephen Buyer acted on nonpublic information as a corporate consultant, agency says

(Newser) - Former Republican Rep. Stephen Buyer was arrested Monday on insider trading charges, one of nine people facing unrelated prosecutions. The Securities and Exchange Commission said it's launched criminal and civil cases against the former Indiana lawmaker over transactions made after he left office, the New York Times reports. The...

Report: SEC Has Its Eye on Elon Musk's Brother

Kimbal Musk sold $108M in shares the day before Elon Musk posted Twitter poll

(Newser) - In November, Elon Musk sold Tesla shares worth billions of dollars after polling Twitter users about the move. The Securities and Exchange Commission is now taking a close look at stock sales made by his brother, Kimbal Musk, a day before the poll was posted, the Wall Street Journal reports,...

Fed's Vice Chair, Facing Questions on Trades, Resigns

Richard Clarida is the third top official to leave under a cloud

(Newser) - The vice chair of the Federal Reserve is resigning in the face of questions about his stock trading during the pandemic. Richard Clarida, whose term was in its last month, made the announcement Monday but did not elaborate, the Washington Post reports. "I will miss his wise counsel and...

SEC Filing Puts 50-Second Burr Call Under the Microscope

Agency: Senator's brother-in-law dumped stocks after conferring with Burr in early days of pandemic

(Newser) - In February 2020, Sen. Richard Burr was the head of the Senate Intelligence Committee, as well as a member of the chamber's Health, Education, Labor, and Pensions panel. He also had staffers tasked with helping out with the emerging pandemic. Those ties, and the knowledge on the coronavirus he...

SEC Says It Busted Netflix Insider Trading Ring

They allegedly profited from insider information about subscriber growth numbers

(Newser) - Netflix subscriber numbers experienced major growth between 2016 and 2019—and so did the bank accounts of three software engineers who illegally used inside information to profit from stock trades, according to the Securities and Exchange Commission. The watchdog says the three employees and two of their associates made a...

Pfizer CEO Sold Big Chunk of Shares on Day of Vaccine News

He sold $5.6M in shares as price soared

(Newser) - Pfizer CEO Albert Bourla sold a big chunk of his shares on the same day the company announced very promising news on a coronavirus vaccine , according to an SEC filing. Bourla sold shares worth $5.6 million as the company's stock price soared on Monday, but the company says...

Shares Dive After a Tweet About Kodak Loan

SEC is said to be investigating the announcement of the $765M deal

(Newser) - A tweet Friday hit Kodak hard Monday. "Recent allegations of wrongdoing raise serious concerns," the US International Development Finance Corp. posted . "We will not proceed any further unless these allegations are cleared." It was a reference to planned $765 million government loan that would allow Kodak...

Chair of Senate Intel Panel Steps Down Amid Inquiry

Richard Burr will leave post until investigation into his stock moves in pandemic is completed

(Newser) - Sen. Richard Burr is temporarily giving up his chairmanship of one of the most powerful Senate committees while the FBI investigates insider trading allegations, reports the Hill . The North Carolina Republican will step aside as chair of the intelligence panel as the investigation continues. Burr, who was privy to classified...

FBI Serves Search Warrant on Senator Who Dumped Stock

Richard Burr was privy to confidential coronavirus briefings at the time

(Newser) - One of the senators who sold off stock after confidential briefings on the coronavirus in early February is now under investigation by the FBI. The bureau served a search warrant on Richard Burr, chairman of the Senate Intelligence Committee, Wednesday, per the Los Angeles Times . The North Carolina Republican asked...

Loeffler Hasn't Backed Up Her Defense on Stock Deals

Senator won't name the financial advisers she said acted after her coronavirus briefing

(Newser) - Accused of profiting off insider information, Georgia Sen. Kelly Loeffler defended her stock deals by saying they were made by financial consultants acting on their own. So far, the Atlanta Journal-Constitution reports, she's presented no evidence of that. Loeffler and her husband, Jeff Sprecher, sold stocks in a list...

Senator's Virus Stock Trades Under Federal Inquiry

Justice Department is investigating Richard Burr's financial moves

(Newser) - A senator's well-timed stock selloff before the coronavirus crisis arrived in full is now the subject of a federal investigation. CNN reports that the Justice Department has begun an inquiry into the financial moves of Richard Burr. The North Carolina Republican chairs the Senate Intelligence Committee, and he sold...

Ex-Congressman Sentenced: 'My Life Has Been Shattered'

Chris Collins, first in Congress to endorse Trump, gets 2-plus years for securities fraud, lying to FBI

(Newser) - A former congressman who was one of President Donald Trump’s first supporters was sentenced Friday to two years and two months in federal prison after admitting he helped his son and others dodge $800,000 in stock market losses when he learned that a drug trial by a small...

Ex-Lawmaker: Don't Throw Me in Prison. I Was a Boy Scout

Rep. Chris Collins has pleaded guilty to insider trading

(Newser) - Prosecutors are seeking maximum prison time for a former lawmaker who's pleaded guilty to insider trading, Politico reports. Rep. Chris Collins, who initially denied the accusations, now faces up to five years in prison. "It is critically important that the sentence imposed on Congressman Collins drive home the...

Rep. Chris Collins Resigns Ahead of Expected Guilty Plea

Gov. Andrew Cuomo will set a special election to fill the seat, which leans Republican

(Newser) - Rep. Chris Collins, a Republican congressman from western New York, is resigning from his seat ahead of an expected guilty plea in an insider trading case in which he was accused of leaking confidential information during an urgent phone call made from a White House picnic on June 22, 2017....

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