Insider Trading

Frontrunning: September 22

  • Stocks Advance in Unison With Bonds as Fed Inspires Global Rally (BBG)
  • Soothing Fed gives stocks their mojo (Reuters)
  • Yellen helps Clinton dodge a bullet (Politico)
  • State of emergency called to quell Charlotte unrest over police shooting of black man (Reuters)
  • Hillary Clinton Leads Donald Trump by Six Points in Latest WSJ/NBC Poll (WSJ)

SEC Charges Hedge Fund Icon Leon Cooperman With Insider Trading

When it rains - for hedge fund managers, it pours - If it's not lack of alpha, it's insider trading. Moments ago, the SEC charged iconic hedge fund manager, Omega Advisors' Leon Cooperman with insider trading, accusing him of generating substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma.

Frontrunning: September 8

  • Stock futures flat ahead of economic data, ECB meeting (Reuters)
  • Trump in TV event with Clinton, says Putin better leader than Obama (Reuters)
  • 5 takeaways from Trump and Clinton's military forum (The Hill)
  • Matt Lauer Fields Storm of Criticism Over Clinton-Trump Forum (NYT)
  • Vladimir Putin Just Wants to Be Friends (BBG)
  • Hanjin Shipping’s Troubles Leave $14 Billion in Cargo Stranded at Sea (WSJ)

Former JPMorgan Banker Convicted Of Insider Trading

In one of the few cases of insider trading leading to an actual conviction, earlier today, a former Wall Street investment banker was found guilty for engaging in insider trading by tipping his father off to unannounced healthcare mergers. Sean Stewart, who previously worked at JPMorgan and Perella Weinberg was found guilty by a federal jury in Manhattan on all nine counts he faced, including securities fraud.

Goldman Fined 0.1% Of Revenue For "Criminal Theft" Of Confidential Fed Information

Today the story of Goldman's theft of confidential Fed information got its closure, when the Fed announced that Goldman Sachs has agreed to pay $36.3 million to settle allegations by the Federal Reserve that it obtained and used confidential regulatory materials from the central bank two years ago. This amounts to 0.1% of the firm's 2015 revenue of $33.8 billion.

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The Forex Monopoly

The Forex Market is a Monopoly controlled by a few leading banks.  But it's possible to play this FX Monopoly game for real dollars that you can spend in the real world.  Let's play!

Frontrunning: June 23

  • ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership (WSJ)
  • The Brits Have No Good Options on Europe Vote (BBG)
  • Stocks Rise With U.S. Futures as Pound Gains While U.K. Votes (BBG)
  • Trump and Clinton Place Bets to Woo Undecided Voters (BBG)
  • China brushes off doubts over support on South China Sea, says it is growing (Reuters)

Frontrunning: June 22

  • Nervy global investors revisit 1930s playbook (Reuters)
  • Stocks Trade Near Week High Before Brexit Vote; Commodities Gain (BBG)
  • Yellen May Face Tougher Crowd in House Appearance (WSJ)
  • In SolarCity Bid, Tesla’s Musk Targets Customers Wanting All (BBG)
  • Trump to detour from campaign to visit Scotland golf properties (Reuters)

Hedge Fund Manager Charged In Insider Trading Case Commits Suicide

Last week, we reported on the historic insider trading bust that took place at the soon to be sold Visium Capital, in which, among other accusations, U.S. Attorney Preet Bharara in Manhattan charged Sanjay Valvani of fraudulently making $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications. Moments ago, Dow Jones reported that the same Sanjay Valvani, charged in the Visiuam insider trading case, was found dead this morning in an apparent suicide.