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 and U.S. Department of Justice have filed insider trading charges against former New York broker Ronald Smith, citing him for trades in Toronto Stock Exchange listing Score Media Inc. ahead of a $2-billion takeover for the company in 2021. (All figures are in U.S. dollars.) The SEC claims that Mr. Smith learned about the deal indirectly, through an associate who was in a relationship with an executive assistant at an investment bank. Mr. Smith realized $500,000 in gains, while brokerage clients realized $5-million, according to the SEC.

The charges against Mr. Smith are contained in an indictment unsealed on Monday, March 30, and a parallel civil complaint that the SEC released the same day. Mr. Smith made his initial appearance before a judge in New York on Monday afternoon. The judge allowed him to go free on a $1-million appearance bond.

The case, as set out by the SEC, stems from a chain of inside information that came from a woman who was employed as an executive assistant at an investment bank that worked on the Score Media takeover. The SEC says that the woman shared an apartment with a man named Steven Teixeira (who has since pleaded guilty to related charges).

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