April 24, 2012 |
A long-running takeover bid for Malibu toy maker Jakks Pacific Inc. took a turn toward conciliation with the Los Angeles investment management firm that wants to buy it. After fending off an unsolicited takeover bid from Oaktree Capital Management, Jakks agreed to give the management firm detailed financial information about the company, setting the stage for another bid. But a sale of Jakks, one of the nation's largest makers of action figures,...
February 9, 2012 |
The House passed a sweeping new ethics bill that bans lawmakers from using insider information for personal gain, but Republican leaders came under criticism for softening the legislation in a way that some view as beneficial to Wall Street investors. Democrats joined Republicans to give the bill overwhelming support - it passed 417 to 2 - as lawmakers try to show voters they are holding themselves to tough ethical standards. The Senate gave nearly unanimous approval to a different version of the bill last week.
October 27, 2011 |
Former Goldman Sachs director Rajat K. Gupta was arrested by FBI agents in New York on charges that he leaked corporate secrets to a hedge fund manager, making him the highest-ranking corporate executive implicated in the government's long-running crackdown on insider trading. Gupta, who was also a director of Procter & Gamble, is accused of supplying inside information about both companies to Galleon Group hedge fund founder Raj Rajaratnam, who used the information to make illegal, profitable trades and avoid millions of dollars of losses, prosecutors said.
August 5, 2011 |
Former Angels baseball player Doug DeCinces has agreed to pay $2.5 million to settle allegations that he used inside information to score big profits trading the stock of Santa Ana-based Advanced Medical Optics Inc. The Securities and Exchange Commission announced the settlement Thursday. Authorities said DeCinces, acting on an illegal tip, bought more than 83,000 shares of Advanced Medical Optics in the weeks leading to its 2009 acquisition by Abbott Laboratories Inc. Shares of Advanced Medical Optics increased 143% after a public announcement in January 2009 that it would be acquired by Illinois-based Abbott.
May 27, 2011 |
A former Nasdaq executive has pleaded guilty to securities fraud for using insider information that, regulators allege, helped him net $755,000 trading stocks on the exchange. Donald Johnson admitted Thursday in a federal court in Virginia that he made trades on eight separate occasions from 2006 to 2009 using information he was given as part of his work for Nasdaq's market-intelligence unit in New York. "This case is the insider trading version of the fox guarding the henhouse," Robert Khuzami, the director of enforcement at the Securities and Exchange Commission, said in a statement.
March 18, 2011 |
A former Goldman Sachs Group Inc. director accused of leaking confidential information is suing the Securities and Exchange Commission, saying the agency "unfairly and unconstitutionally" singled him out. The SEC has accused Rajat Gupta, former head of consulting firm McKinsey & Co., of giving inside information about Goldman to his friend and business partner Raj Rajaratnam. Rajaratnam, former head of the Galleon hedge funds, is on trial on 14 counts of insider trading. He has denied any wrongdoing.