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Fund pays $600M to settle insider trading charges
March 16, 2013 by legitgov
ShareThisFund pays $600M to settle insider trading charges 15 Mar 2013 Hedge fund CR Intrinsic Investors will pay more than $600 million in what federal regulators are calling the largest insider trading settlement ever. The Securities and Exchange Commission charged the firm with insider trading in 2012, alleging that one of its portfolio managers illegally obtained confidential details about an Alzheimer's drug trial from a doctor before the final results went public and made trades from that information. The SEC said Friday that the fund agreed to settle the charges and the parties neither admit nor deny the charges.
Comments
Where is the justice?
March 16, 2013 by DDearborn (not verified), 9 weeks 6 days ago
Comment: 3666
Hmmm
The last time I looked insider trading is a Federal Felony. And a conviction caries up to 20 years in prison for criminal securities fraud and/or a fine of up to $5 million for each "willful" violation of the act and the regulations under it. Only fines, not imprisonment, apply if the defendant can demonstrate "no knowledge" of the rule or regulation that is violated. As I recall there was substantial evidence of not just knowledge but collusion by all sorts of people invovled in this case. And yet once again the rich are allowed to pay a tax deductible fine and walk away. Bear in mind that innocent investors got fleeced. Where is the justice for the litte guy?
Hmmm The last time I looked
March 16, 2013 by DDearborn (not verified), 9 weeks 6 days ago
Comment: 3665
Hmmm
The last time I looked insider trading is a Federal Felony. And a conviction caries up to 20 years in prison for criminal securities fraud and/or a fine of up to $5 million for each "willful" violation of the act and the regulations under it. Only fines, not imprisonment, apply if the defendant can demonstrate "no knowledge" of the rule or regulation that is violated. As I recall there was substantial evidence of not just knowledge but collusion by all sorts of people invovled in this case. And yet once again the rich are allowed to pay a tax deductible fine and walk away. Bear in mind that innocent investors got fleeced. Where is the justice for the litte guy?