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
Dodd-Frank and Mifid II won't stop market disorder but will penalise hedgers
Floors framework should not overstate risk, says Sweden's bank supervision chief
RBS risk veteran says banking activities pose greater threat
Banks will have to figure out what constitutes ‘critical activities’ for themselves
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.