Home ForexTrading US securities regulators freeze assets in suspected insider trading

US securities regulators freeze assets in suspected insider trading

by Paul

The U.S. Securities and Exchange Commission (SEC) said on Tuesday it obtained a court order last month to freeze the assets of unknown traders who posted more than $3.6 million (£2.93 million) in profits on potential illegal insider trading before Softbank announced a deal to acquire Fortress Investment.

The SEC has alleged that unknown customers of Singapore-based broker-dealer Maybank Kim Eng Securities and U.K.-based broker-dealer R.J. O’Brien Ltd. possessed material non-public information on the deal and purchased Fortress derivative securities known as contracts for difference (CFD). CFDs are prohibited in the U.S.

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