On December 21, 2009, Sanofi-Aventis, a French pharmaceutical company, announced a tender offer for Chattem, a Tennessee-based distributor of over-the-counter pharmaceutical products, at the price of $93.50 per share. Shares of Chattem closed 32.60% higher than the prior trading day’s close of $69.98 and volume increased more than 3,000% to 10.3 million shares. This may […]
Badin Rungruangnavarat was very lucky. He invested a bunch of cash from May 21 to May 28. When the market closed on May 29 he had unrealized gains of over $3 million and had achieved a return in excess of 3000%. Now he is unlucky because the Securities and Exchange Commission froze his investment gain […]
It didn’t take long for defendants to take advantage of the Gabelli decision. That Supreme Court decision enforced the strict five year statute of limitations on enforcement actions by the Securities and Exchange Commission. The SEC is not entitled to the “discovery rule” which would have allowed the SEC’s five-year time bar to start […]
Warren buffet loves ketchup, and with his $23 billion acquisition of Heinz, he may love it even more. Apparently someone found out about the flow of ketchup before the deal was announced and profited handsomely on that knowledge. The Securities and Exchange Commission brought an emergency case when they discovered an astonishingly accurate trade that […]
The insider trading prosecution of Raj Rajaratnam was centered around phone calls. Prosecutors were able to get a recording of those calls. Can you get a conviction merely by tying phone calls to trades, without knowing the content of the calls? The Securities and Exchange Commission is hoping that old-fashioned phone call logs will be […]
I’m a bit confused by the big story in Bloomberg about David Slaine, a key informant for the recent crackdown on insider trading. It starts off with Slaine trying to claim that a money manager was illegally using airplane flight information into Teterboro Airport to profit on stocks. The claim was that his tipsters would […]
Thomas C. Conradt and David J. Weishaus were brokers at Euro Pacific Capital when they came across a golden source of information. IBM was getting ready to purchase SPSS, Inc. for $50 per share. Now the SEC is charging them with illegally trading on that inside information. Both are challenging the complaint, so we will […]
On Tuesday, the Securities and Exchange Commission released news of an alleged insider-trading scheme that reaped profits and avoided losses of more than $276 million. The SEC brought the charges against (1) CR Intrinsic Investors LLC, (2) its former portfolio manager, Mathew Martoma, and (3) a medical consultant for an expert network firm, Dr. Sidney […]
The Securities and Exchange Commission alleges that Waldyr Da Silva Prado Neto, a citizen of Brazil who was working for Wells Fargo in Miami, learned about an impending acquisition and profited illegally from insider information. The SEC was apparently undeterred by the language barrier in filing its action. The SEC claims that Prado, while a […]
Dilbert September 13, 2012
- Happy Thanksgiving
- US Private Equity Fund Compliance Guide
- SEC Brings Charges Against CCO for Custody Failure
- Compliance Bricks and Mortar for November 20
- Are There Real Estate Fund Enforcement Cases Coming From the SEC?
- Rapid-Fire, Nuts & Bolts Tips from Former Regulators Now in the Private Sector
- The Asset Management Unit: Reflecting and Moving Ahead
- Discover the Priorities and Perspectives of the Office of Compliance Inspections and Examinations
- Investment Management: What’s Next on the Rulemaking Front
- Red-Hot SEC Enforcement Priorities
Dodd-Frank’ed Real Estate
- Yes, the SEC Wants Real Estate Fund Managers to Register
- Are Real Estate Fund Managers Registered with the SEC?
- Are you an Investment Company?
- Real Estate Funds and the Investment Company Act
- Are you an Investment Adviser?
- Custody and Private Funds
- Private Equity Real Estate Top 50 – 2015 Edition of Who is Registered