Securities Law Prof Blog

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

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Thursday, February 5, 2009

SEC Charges 7 in Insider Trading Ring That Generated $11.6 Million in Profits

The SEC filed complaints in the United States District Court for the Southern District of New York alleging that seven individuals engaged in insider trading, which generated a combined total of over $11.6 million in illegal profits and losses avoided. The Commission's complaint further alleges that two mergers and acquisitions professionals, Nicos Achilleas Stephanou at UBS Investment Bank, and Ramesh Chakrapani at Blackstone Advisory Services, L.P., tipped five individuals, including Joseph Contorinis, a portfolio manager for a Jefferies Group, Inc. hedge fund, and residents of Greece and Cyprus with material nonpublic information about three impending corporate acquisitions.  More dtails are found in the SEC's release.

http://lawprofessors.typepad.com/securities/2009/02/sec-charges-7-i.html

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