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SEC launches insider trading probe of Fortress Inv Grp takeover

Wednesday, March 1, 2017 7:33
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(Before It's News)

US regulator the Securities and Exchange Commission moved on Wednesday to freeze the brokerage accounts of unknown traders linked to suspected insider trading in the $3.3bn takeover of Fortress Investment Group (NYSE:FIG), the US-listed private equity firm, by Japan’s Softbank (OTCMKTS:SFTBF).

Read: Fortress Investment agrees to US$3.3bn Softbank bid

The US federal court order affects accounts at Singapore-based Maybank Securities and a London-based futures trading house, R J O’Brien, which the US regulator alleges contains $3.6mln in profits made “on their timely purchase and sale of Fortress securities,” according to a report by the Financial Times newspaper.

The SEC said all the trades through Maybank were made within a 24-hour period either side of the deal being announced after the market closed on 14 February this year.

The SEC filing said the suspicious trading in accounts at R J O’Brien took place between 10 and 14 February.

 

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174022/sec-launches-insider-trading-probe-of-fortress-inv-grp-takeover-174022.html

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