An expert-networker sentenced to more than four years in prison for passing tips to hedge fund clients should pay a triple penalty in a civil case because of his “egregious” behavior, U.S. regulators said.
John Kinnucan, the expert-networker sentenced to four years and three months in prison for his role in passing inside tips to hedge-fund clients, refuses to settle an insider-trading lawsuit, the U.S. Securities and Exchange Commission said.
The New York field office of the FBI sits a block west of Foley Square, where Roman and Greek- inspired courthouses with four-story colonnades loom over a small town of judicial institutions in which the biggest of America’s financial crimes are prosecuted.
Gordon Gekko, the character played by actor Michael Douglas in the movie “Wall Street,” is the newest weapon in the FBI’s arsenal to combat insider trading, part of a law-enforcement initiative agents say will continue for at least five more years.
Rajat Gupta, the ex-Goldman Sachs Group Inc. director accused of giving inside information to fund manager Raj Rajaratnam about that company and Procter & Gamble Co., may face additional allegations he passed tips, prosecutors said.
UBS AG, Switzerland’s biggest bank, sought immunity from prosecution by Canadian regulators probing a potential conspiracy to rig the price of derivatives globally, three people with knowledge of the inquiry said.
A U.S. investigation of possible insider-trading by Goldman Sachs Group Inc. employees expanded to include a managing director whose name emerged at the trial of convicted hedge fund manager Raj Rajaratnam, a person with knowledge of the probe said.
The investigation of a Goldman Sachs Group Inc. analyst shows U.S. officials have intensified their focus on banks and Taiwan in a multiyear insider-trading probe that has implicated hedge funds, technology company employees and consultants, a person familiar with the matter said.