SEC sues Blackstone exec for insider trading

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.

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