Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, April 12, 2007

Senator Kennedy Asks SEC to Investigate Stock Sales in Student Loan Scandal

The student loan scandal may have securities implications.  Senator Kennedy has asked the SEC to investigate the circumstances surrounding sales of Student Loan Xpress stock to several university financial aid officers and a DOE official by Fabrizio Balestri, the President of Student Loan Xpress, who acquired the shares in a private placement before he became President.  Senator Kennedy reports both Balestri and the subsequent purchasers bought the stock at the same deeply discounted price, but Balestri later asserted that he transferred the shares as a gift.

http://lawprofessors.typepad.com/securities/2007/04/senator_kennedy.html

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