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Equifax Executives’ Stock Sell-Off: Adding Insult to Injury?

The bad headlines continue to roll in for Equifax, the credit reporting giant currently at the center of an investigation into a massive data breach which compromised sensitive personal data of 143 million Americans, potentially subjecting them to a lifetime threat of identity theft. As the reader is likely aware, Equifax has recently been in the news due to a data breach which gave hackers access to sensitive information such as the names, Social Security numbers, birth dates, addresses, and even driver’s license information stored in the company’s digital files. Making matters worse, reports indicate that Equifax had knowledge of the vulnerability of its software as far back as March 7, and even a software patch which would fix the problem, yet failed to act. By mid-May hackers used the vulnerability to access Equifax’s data files. Cybersecurity experts say that a typical bank would have patched the vulnerability “within a few days,” making Equifax's two month delay inexplicable and inexcusable. Adding [...]

By |September 18th, 2017|Legal Matters|
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FDA Official And Hedge Fund Managers Charged In Securities Scheme

According to federal prosecutors, two hedge fund managers--Sanjay Valvani and Christopher Plaford-- conspired with a former U.S. Food and Drug Administration official--George Johnston, who had access to insider information on the fate of generic drug candidates--to profit by committing securities fraud. While employed as Visium Asset Management hedge fund managers, Valvani and Plaford executed stock trades based on insider information from Johnston about generic drug applications, said the prosecution. Prosecutors also allege Plaford and Stefan Lumiere conspired to inflate the value of a fixed-income fund they were managing for Visium. “As alleged, Valvani, Johnston, and Plaford conspired to extract highly confidential and tightly guarded information about pending applications for general drug approvals from the FDA, and traded on such information, reaping millions of dollars in illegal profits," U.S. Attorney Preet Bharara said in a statement. "Lumiere and Plaford also allegedly conspired to mismark securities held by their fund, lying to their investors and unjustly enriching themselves in the process.” Valvani [...]

By |June 16th, 2016|Fraud, Press Releases & News, SEC|
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Canarsie Capital Founder Pleads Guilty To Fraud, Lost $57M In Two Weeks

Owen Li, founder of Canarsie Capital, managed to lose $57 million in only two weeks, leaving his investors with only $200,000 and a letter of apology. Li is now also a convicted felon after admitting that he lied to investors and regulators about his hedge fund's performance. He managed to do all of this before he turned thirty. Li surrendered to U.S. authorities Wednesday and pleaded guilty to a single count of securities fraud and making a false statement, according to Manhattan U.S. Attorney Preet Bharara. Li faces up to twenty years imprisonment. The hedge fund crumbled earlier this year after the firm lost $57 million, nearly all of the money held by its 41 investors from December 31, 2014 to January 16, 2015. According to the prosecution, Li lost roughly $18 million at the beginning of January when he started selling off long equity positions in the fund and eliminated all of its short positions. The resulting unhedged, long [...]

By |December 18th, 2015|Fraud, Press Releases & News, SEC|
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FanDuel, DraftKings Accused Of “Insider Trading”

FanDuel and DraftKings, the two major daily fantasy sports websites, have been accused of insider trading, raising questions as to whether the increasingly lucrative daily fantasy sports world should face more regulatory scrutiny. This month, a DraftKings employee admitted to accidentally releasing NFL data before the start of the third week of NFL games. That very employee won $350,000 at FanDuel, DraftKings' chief competitor. After the employee was accused of insider trading on social media, both companies announced temporary restrictions on employees from participating in fantasy sports for money. FanDuel and DraftKings both offer daily and weekly games in which users pay an entry of 25 cents to $1,000. Users then choose players in fantasy teams from a list of actual NFL athletes and earn points based on how well their players perform in actual games. The prize money can be as high as $2 million. DraftKings admitted that its employee released data on the company's blog that showed which [...]

By |October 27th, 2015|Press Releases & News|
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