New York & Washington, DC - The US Securities and Exchange Commission (SEC) has sued a managing director at private equity group Blackstone for insider trading. The scheme involved the use of insider information in shares of US supermarket chain Albertsons. Blackstone vice-president Ramesh Chakrapani reportedly supplied his parents and friends with sensitive material at the time of the 2006 acquisition of Albertsons while working in Blackstone's London office. The suit claims Chakrapani's market abuse brought more than $3.6 million in ill-gotten profits.
More on Regulation
Heavy regulatory costs and fragile systems will be problems in 2015
Tax evasion, corporate ownership and sanctions will all be concerns
Response to criticism of deference to big banks
Banks praised for leaving high-risk markets, but more work needed
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.