Sunday 22 November 2009

Judge reverses ‘insider’ case payout settlement

A judge in the US has reversed a US$875,000 (Dh3.2 million) settlement in an alleged insider trading case brought in July against an Al Ain resident.

The US Securities and Exchange Commission (SEC) initially said on Thursday that it reached a deal to settle the case against Khaled Mohammed Sharif al Sayed al Hashemi of Al Ain, levying a penalty of $406,620, plus $458,760 in profits and $9,620 in interest charges.

Under the deal, Mr al Hashemi did not admit or deny the SEC’s allegation that he profited illegally by trading in the shares of a Canadian petrochemicals firm ahead of its acquisition by the International Petroleum Investment Company (IPIC) of Abu Dhabi.

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