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 won an injunction and a $130,698 fine against a former Spanish judge for insider trading in Potash Corp. of Saskatchewan. (All figures are in U.S. dollars.) The SEC claimed that the former judge, Jose Marin Ugedo, bought the stock ahead of a 2010 takeover bid. He made the purchase after learning from a friend that BHP Billiton was looking to raise $10.5-billion as part of an attempt to acquire Potash Corp.

The fine was handed down on Friday, July 24, by New York Judge Valerie Caproni. In addition to imposing the monetary sanction, she entered an injunction designed to bar any future violations. Among other things, it specifically prevents Mr. Marin from buying shares in a company while knowing about a pending takeover. The ruling is a decision by default, as Mr. Marin did not contest the case.

Although Mr. Marin had faced criminal charges, the SEC's fine will be the only penalty against him. Prosecutors in Spain charged him and an associate, Cedrid Canas Maillard, for the Potash Corp. trades, but judges at the National Court in Madrid found the pair not guilty. They said there was no proof the men used inside information.

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