14:12:18 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



SEC seeks $1.16M (U.S.) fine for Potash Corp. trader

2016-07-28 10:16 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (C-POT) Potash Corp of Saskatchewan Inc

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

The U.S. Securities and Exchange Commission has asked a New York judge to impose $1.16-million in civil sanctions on Cedric Canas Maillard, one of the men charged for insider trading in Potash Corp. of Saskatchewan Inc. ahead of the takeover offer it received in 2010. (All figures are in U.S. dollars.) The SEC says that Mr. Canas abused confidential information, using it to make profitable trades in highly risky options ahead of the takeover. He also tipped a friend who traded the stock as well, the SEC claims.

The penalty request is contained in a motion for default judgment the SEC filed on July 14, 2016, against Mr. Canas (who, despite having Maillard appear as his last name, is referred to throughout the document as Mr. Canas). The motion is seeking disgorgement of $334,700 in gains (including interest), as well as the maximum possible civil penalty of $834,470. The sanctions, should the judge grant them, would be a decision by default. Mr. Canas has failed to respond to the case, which the SEC filed nearly a year ago.

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

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed