MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, May 8, 2013 Did Fidelity Blow the Insider Trading Whistle? When a now-admitted inside trader started making strange bets, it looks it was Fidelity [profile] that helped take him down. The Los Angeles Times reported on the guilty plea of jeweler Bryan Shaw, who confessed to paying more than $60,000 in cash, plus gifts, to KPMG partner Scott London for insider tips on several companies, including Herbalife and Skechers. The Times wrote that, according to Nathan Hochman, Shaw's attorney, "the scheme began unraveling when Fidelity Investments discovered the suspicious trades in Shaw's account and froze it." "One can make a logical conclusion that Fidelity probably alerted the SEC," Hochman told the paper. The SEC subpoenaed Shaw in December, and he later gave the SEC and the Justice Department a complete confession. As part of his plea deal, Shaw must return almost $1.3 million in gains. Printed from: MFWire.com/story.asp?s=43824 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |