Former Goldman Sachs Group Inc. director Rajat Gupta is set to ask a federal appeals court in New York today to overturn his insider-trading conviction by arguing the U.S. shouldn’t have been allowed to use evidence from wiretapped phone calls that didn’t involve him.
The U.S. Supreme Court bolstered the authority of federal administrative agencies, upholding Federal Communications Commission deadlines for local zoning authorities considering applications for new wireless facilities.
After five years under investigation for insider trading, Steven Cohen is considering proposing a deal to prosecutors that would shut his $15 billion hedge-fund firm to outside investors, according to a person familiar with his thinking.
Arthur Levitt, former chairman of the Securities and Exchange Commission, says SAC Capital Advisors's Steven Cohen will invoke his Fifth Amendment right against self-incrimination when he appears before a grand jury investigating insider trading practices. Levitt talks with Bloomberg's Tom Keene and Michael McKee on Bloomberg Radio's "Bloomberg Surveillance."
Ming Chao Zhao, a former Bank of Montreal analyst, admitted to engaging in insider trading over an 18-month period and agreed to pay about C$1.19 million ($1.16 million) to settle the case, according to the Ontario Securities Commission.
The arrest of a former BlackRock Inc. fund manager may move the U.K. markets regulator from small-fry insider-trading cases to its first big fish after years of criticism for pursuing dentists and print-room workers.