Tue, Jan 17, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Attorney, wall street trader, and middleman settle SEC charges in $32m insider trading case

Thursday, April 26, 2012

Bailey McCann, Opalesque New York: Matthew H. Kluger, Garrett D. Bauer, and Kenneth T. Robinson have settled insider trading charges with the Securities and Exchange Commission (SEC) by agreeing to give up their ill-gotten gains plus interest. The amounts to be paid are approximately $31.6m for Bauer, $516,000 for Kluger, and $845,000 for Robinson.

The men were charged in parallel civil and criminal actions by the SEC and the Department of Justice (DoJ) for insider trading. All three men have plead guilty to the charges and are to be sentenced on June 4, 2012. Bauer has also agreed to be barred from any securities related activities in a separate administrative action brought by the SEC.

The SEC alleged that the insider trading occurred in advance of at least 11 merger and acquisition announcements involving clients of the law firm where the attorney — Matthew H. Kluger — worked. He and the trader — Garrett D. Bauer — were linked through a mutual friend now identified as Kenneth T. Robinson, who acted as a middleman to facilitate the illegal tips and trades. Kluger and Bauer used public telephones and prepaid disposable mobile phones to communicate with Robinson in an effort to avoid detection.

Robinson cooperated with federal authorities to provide information on the case. According to the complaint, the scheme began in the early 1990s when Kluger was working as a summer a......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Opalesque Exclusive: $1.2bn Sagewood spins out of Stifel[more]

    Bailey McCann, Opalesque New York: Sagewood Asset Management, which has been operating within Stifel Financial Corp. since 2015, is officially launching as an independent $1.2 billion asset manager focused on volatility strategies. The New York firm's spin-out was announced in an investor let

  4. Short Selling - Long-short hedge funds are ditching the shorts to focus on longs[more]

    From Bloomberg.com: What happens when you take the "short" out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG s

  5. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel