Kuwaiti asset manager Al-Raya Investment Co. and the estate of its former chief, who was found dead days after U.S. regulators accused him of profiting from bogus takeover offers, agreed to pay $3.2 million to resolve the case.
The Securities and Exchange Commission also will collect $3.3 million from accounts belonging to other unidentified investors who allegedly reaped gains on the fake offers for Textron Inc. and Harman International Industries Inc. last year, according to documents the SEC delivered yesterday to federal court in Manhattan. The accord requires a judge’s approval.
Hazem al-Braikan died in an apparent suicide in July of 2009, the Kuwaiti Interior Ministry said at the time, after the SEC linked him to “highly profitable and suspicious” trades before the appearance of Internet and media reports that investor groups planned to buy Textron and Harman. His estate and Al-Raya settled without admitting or denying misconduct, the documents show."
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