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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.
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