The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SEC Opens Its First ETF Insider Trading Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 22, 2011

SEC Opens Its First ETF Insider Trading Case

News summary by MFWire's editors

The Securities and Exchange Commission (SEC) just opened its first insider trading case involving ETFs. Yesterday the regulatory agency charged that ex-Goldman Sachs trader Spencer Mindlin passed on to his accountant father, Alfred Mindlin, non-public information about big buy and sell orders pending for securities underlying the SPDR S&P Retail ETF (XRT). The SEC claims that between December 2007 and March 2008 the duo netted at least $57,000 from the trades, which were allegedly made in another family member's TD Ameritrade account.

The Associated Press, Bloomberg, Courthouse News Service, Reuters and the Wall Street Journal all covered the news.

The Mindlins' lawyer, Robert Knuts of Park & Jensen, countered that the son "suggested a trading strategy to his father and helped the father understand and execute the strategy."

"That strategy was not based on any confidential information obtained by the sun," Knuts told the Journal.

Spencer Mindlin worked on Goldman's ETF trading desk at the time.

The Journal reports that, according to an unnamed source, it was TD Ameritrade that tipped off the SEC, and the SEC complaint specifically cites some phone calls recorded by Ameritrade. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use