A former corporate lawyer, an ex-trader and an alleged middleman have agreed to pay more than $32 million to settle an SEC lawsuit over a insider-trading scheme in which they allegedly shared tips about proposed mergers.
An affiliate of SAC Capital Advisors LP agreed to pay more than US$600-million to settle U.S. Securities and Exchange Commission charges that it participated in an insider trading scheme, the largest settlement of its kind.
The affiliate, CR Intrinsic Investors, had been charged with insider trading in November, when the SEC said one of its portfolio managers, Mathew Martoma, illegally obtained confidential details about a clinical trial for an Alzheimer’s drug.
From the SEC: The Securities and Exchange Commission today announced that Stamford, Conn.-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than $600 million to settle SEC charges that it participated in an insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies.
TORONTO — A pastor and his wife face 38 fraud charges in what police allege was an investment scheme that bilked members of a Toronto church out of millions of dollars.
Det. Gail Regan told a news conference Friday that 38 people were allegedly defrauded of $2.1-million by a man and woman who jointly operated an independent ministry in the city.
“They consider themselves as pastors,” Regan said of the pair.