This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Luis Martin-Caro Sanchez, the Spanish trader who beat insider trading charges related to the Potash Corp. of Saskatchewan takeover, has found himself the subject of new allegations related to the same scheme. Prosecutors in Chicago have indicted him for covering up his connections to what they describe as an international insider trading group that netted $4.6-million in gains from Potash Corp. trades. (All figures are in U.S. dollars.) They say that he was secretly communicating with others who made very timely trades in risky Potash Corp. options.

The new charges against Mr. Sanchez, 42, come nearly six years after he first landed in the sights of U.S. authorities. On Aug. 20, 2010, the U.S. Securities and Exchange Commission claimed that he made $496,953 buying risky options for Potash Corp. He bought the options just days before the company announced that it had received a $130-a-share takeover offer from BHP Billiton PLC. The SEC was ultimately unsuccessful in its case, with a judge finding that there was no evidence Mr. Sanchez had acted on inside information.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS