# Examples of insider trading



## markrmau (28 September 2005)

Just out of interest, I thought I'd start a thread on insider trading. I am hoping for concrete examples, not just rampant speculation. 

To start the ball rolling, have a look at the volume and price action of EXR towards the end of june. On the day of the massive drop, it was announced that an oil well was a duster. However, it looks like the market was partially informed before this. 

Another example was BGF before announcing a doubling of gold reserves. This leaked so badly that the SP actually decreased after the announcement as all the speculators tried to sell the fact (actually that worked out damm well for me as I loaded up on the options LOL).


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## doctorj (28 September 2005)

*Re: Examples of insider trading.*

For examples of insider trading, you only need look as far as your nearest Perth based miner.  I'll post some examples here in the following posts.

Start off with AZR (see attached).


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## doctorj (28 September 2005)

*Re: Examples of insider trading.*

Another example... RTM.


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## Kauri (29 September 2005)

*Re: Examples of insider trading.*

LEG...stretched its legs


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## wayneL (29 September 2005)

*Re: Examples of insider trading.*



			
				Kauri said:
			
		

> LEG...stretched its legs




LOL....... Blatant!!!!!!!!!!


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## Kauri (29 September 2005)

*Re: Examples of insider trading.*

I managed to cut a slice off that one...thought I was in for another slice end of last week, but last 4 days is not promising...    :swear:


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## Kauri (29 September 2005)

*Re: Examples of insider trading.*

Not quite in the spirit of this thread but  FSL did it well... announced their uranium move...and managed to do a cross trade right on the open bell @ 2cents..for 20,000,000 shares...same day shares closed @8c..next day @17c!!!!! I notice a director got 1,000,000 of them, and a broker who worked with them on the RFS blue got over 8,600,000 (cost him about$170,000). He has managed to sell a touch over 2,000,000 for $370,000 within 2 days.    I wonder where the other 10,000,000 went?


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## Kauri (29 September 2005)

*Re: Examples of insider trading.*

And another one in the West     ...  BDI
  Was amused to see that KIM (holds over 50% of BDI ) got the speeding ticket..


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## tech/a (29 September 2005)

*Re: Examples of insider trading.*

Anyone researched moves in bulk after a speeding ticket issued?
Where can you get a list daily?
I'd be particularly interested in buying activity from directors prior to the ticket.Or major holder.


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## Milk Man (29 September 2005)

*Re: Examples of insider trading.*

What exactly is a speeding ticket? Shows how much of a noobie I am; but nothing asked nothing learned!


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## krisbarry (29 September 2005)

*Re: Examples of insider trading.*

When ain increase in share price is queried by the ASX, thats a speeding ticket.


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## tech/a (29 September 2005)

*Re: Examples of insider trading.*

I was gonna say 80 in a 60 zone!


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## Happy (29 September 2005)

*Re: Examples of insider trading.*

Does price decrease attract ‘lack of speed’ ticket?


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## Kauri (29 September 2005)

*Re: Examples of insider trading.*

It attracts bottom-pickers like hyenas to a carcass


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## tech/a (29 September 2005)

*Re: Examples of insider trading.*

Bottom picking is socially un acceptable.
I personally like nice rounded tops.
Its an emerging trend I believe.


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## Milk Man (29 September 2005)

*Re: Examples of insider trading.*

But I was only idling ossifa! Just look at my tacho.


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## krisbarry (29 September 2005)

*Re: Examples of insider trading.*

RRS is a classic.

It pumps just b4 annoucements, then dumps straight after.

So much insider trading on this stock it is just unbelievable.

Good day-trade stock, just don't get caught in the down draft


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## tech/a (29 September 2005)

*Re: Examples of insider trading.*

Well I really cant believe that "Insider" trading is the cause of these fast rises and sharp declines.

Inside trading is a jailable offence and if its as wide spread as your indicating---on a daily basis and even you all can see it as plain as day--then ASIC (Who I agree are toothless)--are totally inept!!

You guys are way way better qualified and equiped to track these offenders down.

How un lucky was RIVKIN??
How did the bumbling idiots ASIC find RIVKIN---hell it happens every day!

This would be headline news---why isnt it?


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## kaveman (29 September 2005)

*Re: Examples of insider trading.*

You have to be careful that the price movement before the big announcement is not just speculators moving in or out just before an announcement is due. More often than not the announcement is well and truely expected to occur around a certain date as companies keep everyone informed. eg quarterly and annual statements all include current work in progress and anticipated dates when results are expected.


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## It's Snake Pliskin (29 September 2005)

*Re: Examples of insider trading.*



			
				kaveman said:
			
		

> You have to be careful that the price movement before the big announcement is not just speculators moving in or out just before an announcement is due. More often than not the announcement is well and truely expected to occur around a certain date as companies keep everyone informed. eg quarterly and annual statements all include current work in progress and anticipated dates when results are expected.




Hedge funds!


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## tarnor (29 September 2005)

> You have to be careful that the price movement before the big announcement is not just speculators moving in or out just before an announcement is due. More often than not the announcement is well and truely expected to occur around a certain date as companies keep everyone informed. eg quarterly and annual statements all include current work in progress and anticipated dates when results are expected.




totally agree with some high profile oil drills seems that people are waiting for something to leak right on pay dirt... the price moves a bit a certain way then speculators either bail or jump on causing it to run quickly.  I remember one that did this only to release that thier results would be delayed a day or two more because of a well malfuntion - but judging form the movement you would have been certain that good news was getting out.  With these expected price sensitive ann its virtually impossible to establish whether thier was any inside trading or not. 

Unexpected ann out of the blue with big volume and price spikes are always suspect tho


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## brerwallabi (30 September 2005)

What really peeves me off is that companies keep certain investors and brokers in the know in how they are travalling and the likes of you and me don't have an idea till we read it, the announcment is usually many days after the time that major players in a company have been briefed on profit (or lack of) or strategy that could add value. I  know one right now that is just about almost to go down the gurgler but I can't say a thing, I don't hold but some poor people do. Insider trading is alive and well.


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## doctorj (30 September 2005)

I'll only speak of Perth, because its what I know.  It's common place for people within the industry to know whats happening a few days ahead of the market.  It's well beyond the old 'buy the rumour, sell the fact', it's buy the fact, sell when the market finds out.


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## wayneL (30 September 2005)

doctorj said:
			
		

> I'll only speak of Perth, because its what I know.  It's common place for people within the industry to know whats happening a few days ahead of the market.  It's well beyond the old 'buy the rumour, sell the fact', it's buy the fact, sell when the market finds out.




hehe, Indeed.

The Doctor is dead right here.


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## Dan_ (13 October 2005)

Would this class as a potentional case for NLX insider trading? Quite a large jump in volume & price, although I can't seem to find any news or announcements.

Thoughts appreciated


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## tarnor (13 October 2005)

Anyone care to post a chart for IMU for the last little while? Pretty much a classic example.  Built up in sp for the last week or so with increased volume. 

An announcement today saying they've signed with merial.. then the usual sell on fact...

They did get a speeding ticket a week ago though that said nothing had changed as of our last report - which was that negotiations for sub licensing were in the latter stages...  So obviously some knew just how close this was...


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## doctorj (13 October 2005)

SHN looks fundamentally quite sick, but its getting accumulated very strongly whenever it gets to 3c.

Pump and dump play on the cards here.


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## Smurf1976 (13 October 2005)

Dan_ said:
			
		

> Would this class as a potentional case for NLX insider trading? Quite a large jump in volume & price, although I can't seem to find any news or announcements.
> 
> Thoughts appreciated



There was an analyst somewhere ramping NLX pretty hard a couple of weeks ago. Wish I'd taken their advice and bought. No doubt the price increase looks pretty good for them now but it makes me wonder what they knew that the market didn't.


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## michael_selway (20 October 2005)

*Re: Examples of insider trading.*



			
				krisbarry said:
			
		

> When ain increase in share price is queried by the ASX, thats a speeding ticket.




haha thaanks, thats something new to me


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## markrmau (11 November 2005)

VGL. Currently circa 90c.

Announcement today basically confirmed the market was partially informed.


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## Kauri (11 November 2005)

markrmau said:
			
		

> VGL. Currently circa 90c.
> 
> Announcement today basically confirmed the market was partially informed.




    Unbelievable how they get away with it.. will be interesting to see if there are any changes in sub. holdings or director notices turn up in the next few days.


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## Atomic_Sheep (25 November 2005)

doctorj said:
			
		

> I'll only speak of Perth, because its what I know.  It's common place for people within the industry to know whats happening a few days ahead of the market.  It's well beyond the old 'buy the rumour, sell the fact', it's buy the fact, sell when the market finds out.




Well people within the industry need to know exactly whats going on to make the correct decisions and judgements in their jobs. It's wether they profit from this knowledge (insider trading) is the question. The fact that they will continue to have access to far superior information is beyond doubt and we can't do anything about that.


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## Kauri (16 December 2005)

Exchange clamps down

*MICHAEL WEIR*

The Australian Stock Exchange will set up a specialist intelligence unit as part of a crackdown on insider trading, market manipulation and poor disclosure after more than 100 suspected breaches last financial year.

The increased surveillance is expected to cost $10.4 million over the next three years, with listed companies picking up part of the cost through higher annual listing fees.

The ASX said it hoped the move, which follows a wide-ranging internal review of its role as market supervisor, would result in a higher strike rate from the cases passed for prosecution on to the Australian Securities & Investments Commission.

And in a move to counter continued claims of conflicts of interest, the exchange will set up a separate subsidiary company to handle its supervisory role.

With trading and company activity booming on the back of the record sharemarket, the ASX has come under pressure because of a perceived lack of action on potential insider trading and disclosure. 

Brokers and market observers regularly highlight seemingly blatant cases of insider trading, especially among some junior companies, but little action appears to be taken.

The ASX said yesterday it had notified ASIC of 107 suspected insider trading or continuous disclosure breaches last financial year.

But the strike rate on insider trading has been relatively low with just three high-profile prosecutions - Steve Vizard, the late stockbroker Rene Rivkin, and Macquarie banker Simon Hannes - out of 68 potential cases referred to ASIC in the past three years. 

And while wine group Evans & Tate and Andrew Forrest's iron ore company Fortescue Metals Group have come under scrutiny for market disclosure in the past year, animal drug maker Chemeq is one of only a handful now fighting formal action by ASIC.

The ASX said it had issued 2370 queries in 2004-05 over listed companies' compliance with continuous disclosure rules, up 53 per cent on the previous year. It also detected 83,917 "potentially inappropriate trading incidents" with 324 of those investigated further.

The specialist insider trading unit will form part of the ASX's existing surveillance team and come into effect on March 1 under the new supervisory subsidiary. The chief supervision officer will not report to ASX chief Tony D'Aloisio but to the board of the subsidiary company, which will include external directors.

The ASX said additional technology and training resources would be provided to further improve supervision of listed companies.

ASIC chairman Jeffrey Lucy said the new structure would create a clearer distinction between the ASX's supervisory and commercial roles. "The changes announced by the ASX today mean that supervision will be more fully accountable to the ASX board," he said.

In other moves yesterday, the ASX said it would change the way it charged brokers to trade and in a bonus for WA companies listing fees would be changed, cutting charges for small to medium-sized capital raisings but increasing them for bigger capital raisings.

ASX said it would change its fee structure to a value-based model replacing the current system of charging on a per-trade basis, in an effort to capture more of the daily $20 billion to $60 billion in global trading by hedge funds and sophisticated investors.

"If we get a small percentage of that it will significantly contribute to our $2.5 billion to $3 billion trading value on a daily basis," ASX group executive markets and deputy chief executive Colin Scully said.

Corporate governance expert Ian Ramsay hailed the new surveillance regime as a groundbreaking step for the ASX, which was the front line against corporate crooks.

But big brokerage houses may be stung by the changes. A representative of one investment bank characterised the reforms as yet another regulatory move in a highly regulated industry.

"It's not a positive thing for our business," he said. "At a time when there is increasing costs around compliance, to move to a system which is going to see an increase in costs for the business is not great from our perspective."


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## sam21poddy (16 December 2005)

Many years ago when I was young and naive, I worked for a big legal firm who acted for a company that was about to make an announcement about an invention that would revolutionise a certain manufacturing process.  Anyway, there was a lot of excitement and people were running around whispering about what partners were buying the shares but I didn't understand what it all meant. Anyway, some days later one kind secretary explained to me how she had made $10,000 overnight and why it had happened.  This was many many years ago and in those days you could have bought a house with $10,000.  So this was my first hand experience of insider trading.  If it happened then, I see no reason why it wouldn't happen now.  However, realistically speaking, I can't see how all the people who have inside knowledge would be able to be traced.


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## sam21poddy (16 December 2005)

In addition to my above post, I have also seen insider trading of mortgagee sales of properties.  Even though the law says that a mortgagee bank must offer a property for sale for a reasonable market price having regard to all the prevailing market conditions, the fact is that people in the loop get to buy these properties cheap.  As long as the mortgagee bank gets all its money back, it doesn't care what happens as the balance goes to the mortgagors, however the mortgagors have been bankrupted and are in no position to sue the bank for failing to sell their property at a reasonable price. And even if the mortgagors were so minded to take action against the mortgagee banks, they wouldn't recognise that anything wrong had happened.  So my advice would be if you are facing bankruptcy - ALWAYS sell your house yourself before the mortgagee takes possession of it.  That way you will be in control of the selling price.


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## tech/a (16 December 2005)

Sam what you say is true to an extent.
There will always be instances where people will be privy to information before it is released to the market or in a "loop" so to speak or in a position to take advantage of situations before others are.

As shown above only 324 of 18917 or 1.7% warrented further investigation.
So I see most of this s perception issue rather than an epidemic.

I say find yourself loops and get in a position to take advantage of them.


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## sam21poddy (16 December 2005)

tech/a

I'm out of the workforce now and out of the rat race so I can't find any "loops" now.  However, if I had any children to pass advice on to, your advice would be exactly what I would tell them.  As for me, it looks like I will have to try and earn an honest living from share trading !


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## tech/a (16 December 2005)

sam21poddy said:
			
		

> tech/a
> 
> I'm out of the workforce now and out of the rat race so I can't find any "loops" now.




I think you maybe suprised.
Us old guys have a degree of "comfort" in us that people feel able to confide in.

You'd be suprised how many younger guys froth at the mouth to impress and give away more than they would have liked.

I was one once.

You know V.I.P Lawn Mowing and V.I.P everything else.Was Australia's biggest franchise.
Well Guess who gave Bill Viss the idea.(He then owned V.I.P Car sales and came to look at a ute I was selling)
This young guy who spent 2 hrs telling Viss how he made more out of the client contact than the lawn cut and put them together and sold a lawn round a year with a partner who had another lawn round and we joined forces.

Yep you guessed it----Yours truely.


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## mit (16 December 2005)

Slightly off-topic, but I was wondering where the line is with market manipulation. I currently own IIN and noticed that two days ago was a large dip and since then two large up days. I have heard that a dip after a breakout is sometimes called a fake-out.

It occured to me that if you had shares in a company and wanted to buy more you could quickly sell the bids down and then as all of the stops get hit buy a bigger volume as the price recovers. Not to say that this is what happened with IIN (and also TAP recently) but to me it is possible.

Is this illegal?

MIT


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## happytrader (16 December 2005)

Hi Mit

I can't imagine why this strategy would be and should be illegal. The reality is if someone in any market does not know the value of their assets they are always open to 'suggestion' and to make emotive decisions. With a bit of help from the media and a quick sell down for reinforcement, confidence is bound to get shakey for these ones. Enter the bargain hunter who has been waiting for that stock or asset to be reduced to the right price. 

I love fire sales and buying in season. Don't you? I'm always trying to get a discount or a better deal on anything and everything. I mean aren't we all? Isn't that what we are doing in the market?

Cheers
Happytrader


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## Dan_ (30 December 2005)

Another example? A relatively dead stock waking up. No news currently, but expected to report on mine dewatering & analysis fairly soon.


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## Dan_ (17 January 2006)

WEZ - Still inching up and appears to be building support and still no announcement. Could others possibly know more then we do? surely not?


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## kaveman (17 January 2006)

Not strictly true about Wez and no anns. Their current activity spells out why the chart has been rising recently.
They are currently drilling and had been since eary November when teh share prices started rising. They had forecast a report in mid january, and had also forecast a geological resource estimate in March.
What am seeing on the chart is typical buying in before the exploration programme is completed in the hope of positive outcome so can sell on fact after buying on rumour, so to speak.
This price behaviour is typical of small exploration companies


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## Dan_ (17 January 2006)

Graham,

Thanks for the logical explanation, I've still got a lot to learn about these patterns.


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## markrmau (31 March 2006)

Todays AFR

Citigroup charged with inside trading
Mar 31 12:19
Feedback AFR staff

Australia's corporate regulator is taking action again Citigroup in the Federal Court, saying the investment bank acted on inside information to trade shares in ports operator Patrick Corporation just ahead of Toll Holdings' announcement last August of a takeover bid for Patrick.

The Australian Securities and Investments Commission said on Friday it had filed civil proceedings against Citigroup Global Markets Australia, accusing it of failing to adequately manage conflicts of interest, "unconscionable conduct" in relation to financial services and trading on its own account on inside information.

Citigroup acted as an adviser to the transport conglomerate Toll in its hostile $4.6 billion takeover bid for Patrick, which was first announced on Monday, August 22 last year and which is still unresolved.

ASIC says its investigation into Citigroup identified substantial proprietary trading in Patrick securities on the Friday before the announcement. The regulator is now seeking orders that the bank breached the conflicts of interest and insider trading provisions of the Corporations Act.

"This is a significant case raising two very important issues for the securities industry - having adequate arrangements for managing inside information and dealing with conflicts of interest," ASIC's deputy chairman Jeremy Cooper said in announcing the court action on Friday.


"ASIC is saying that Citigroup fell down on both fronts in relation to its role as adviser to Toll. ASIC alleges that Citigroup traded on inside information and directly against the interests of its client."

The matter, which follows joint initial enquiries with the Australian Stock Exchange, is due to go before the Federal Court on April 28.


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## RichKid (31 March 2006)

markrmau said:
			
		

> Todays AFR
> 
> Citigroup charged with inside trading
> Mar 31 12:19
> ...




Thanks for that Mark, just read a similar piece in the Herald (http://www.smh.com.au/news/Business...insider-trading/2006/03/31/1143441316836.html), it mentions a fine of $1m and some community service orders etc, but I think that's a joke. They should confiscate every cent they made on the illegal activity and fine them on top of that as well. Interesting case to follow to see how they operate, hopefully it'll be reported in the papers. 

All the other instos who do the same may be laughing that Citibank got caught but let's hope they get done in as well. I've heard insider trading is hard to prove. Maybe we can track the buying from price data and anncts, as they would already have done at ASIC. This is why TA can help track insiders, unlike waiting for an annct. 

Except with the SFE/ASX merger for eg, things seemed water tight, not a leak or rumour.

As an aside: it just goes to show how long it takes to get all the data and evidence together to launch a case, it was many months ago that the takeover price action started (most of us followers would remember looking at the PRK volume spikes on that weekend before the annct).


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## RichKid (1 April 2006)

A bit more detail about the Citibank insider trading affair: http://www.smh.com.au/news/business/how-citigroups-walls-fell-on-toll/2006/03/31/1143441339633.html


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## RichKid (14 May 2006)

A big noted US case, sounds like one for a movie imo: http://www.smh.com.au/news/business...-juror-arrested/2006/05/12/1146940732612.html


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## markrmau (15 May 2006)

While commodity stocks were obviously weak today HDR seems to stand out. I understand they have released bad news to the london market tonight.


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## markrmau (26 May 2006)

Michael Kiernan, MD of CSM sells 1,000,000 shares at average price of about $2.66 on 10 May.

12 trading days later, CSM released a profit warning at 3.51pm Friday afternoon. The SP dropped 5% (from $2.12 to $2.02) after the warning, but probably has much more to fall monday.


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## wayneL (26 May 2006)

markrmau said:
			
		

> Michael Kiernan, MD of CSM sells 1,000,000 shares at average price of about $2.66 on 10 May.
> 
> 12 trading days later, CSM released a profit warning at 3.51pm Friday afternoon. The SP dropped 5% (from $2.12 to $2.02) after the warning, but probably has much more to fall monday.




Oh my! Blatant!


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## markrmau (5 June 2006)

Wait, it gets better.

After market on 1/6 CSM offers $70M of convertible notes through JP Morgan. 

I wonder how many days it would be from when they first realised there MIGHT be a problem, through to analysing sales data and organising the convertible notes through a broker. Wouldn't be about be about 2-3 weeks would it?


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## RichKid (8 May 2007)

Oppy buyer: contrarian or crook?



> SEC, attorney-general probe options killing
> 
> David Litterick in Chicago
> May 8, 2007 SMH http://www.smh.com.au/news/business...options-killing/2007/05/07/1178390225368.html
> ...


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## bigdog (10 May 2007)

http://www.theaustralian.news.com.au/story/0,20867,21703082-643,00.html

Insider trading in Dow alleged
Glenda Korporaal 
May 10, 2007 

THE daughter and son-in-law of a prominent Hong Kong businessman have been charged with insider trading by the US Securities and Exchange Commission after buying about $US15 million ($18 million) in Dow Jones shares ahead of last week's bid by News Corporation.
The US SEC has alleged that Charlotte Wong Leung Ka-on and her husband Kan King Wong bought some 415,000 Dow Jones shares in the two weeks before News announced its $US5 billion offer. 

News of the $US60 a share offer sent shares soaring. 

The SEC says the share trading put the couple in a position to make an estimated $US8 million profit from trading in Dow Jones shares. 

Charlotte Leung is the daughter of Hong Kong's Michael Leung, who founded Hong Kong mobile phone company China Resources Peoples Telephone. 

The family sold the company to China Mobile last year, giving the Beijing-controlled company an entry into the Hong Kong mobile phone market. 

It is now a major competitor against Telstra's Hong Kong mobile company CSL. 

In a civil complaint filed in a New York court this week, the SEC alleges that it has "strong evidence" that improper trading occurred. 

The Commission said the pair originally didn't have enough funds in their brokerage account with Merrill Lynch in Hong Kong to fund the transactions. 

It said the pair spent more than a week putting the funds together, including getting some $3.2 million from Charlotte's father, Michael Leung. 

They also wired another $US4 million into their Merrill Lynch account from a bank account in Brussels and also took out two margin loans to buy the stock. 

The couple bought the shares between April 13 and April 30. 

Dow Jones shares jumped 55 per cent on May 1 when the deal was announced. 

The SEC said the purchases of Dow Jones stock increased the value of their Merrill Lynch brokerage portfolio by about 25 times. 

It said the pair had no previous history of trading in the stock. 

The SEC filing said the husband placed an order on May 4 to sell their Dow Jones stake, asking a broker how long it would take for the money to become available in his account. 

The SEC won a temporary order freezing their account to prevent them withdrawing the proceeds of the sale. 

The SEC filing does not make any allegation against Michael Leung, who has retired following the sale of his company last year for more than $US460 million. 

>"This is an insider trading case involving highly profitable and highly suspicious purchases of Dow Jones shares," the SEC said in its filing. 
"Defendants acquired a massive position" in Dow Jones stock. 

Charlotte Leung was a director of Peoples, along with her father, until the company was sold last year. 

The company, which was listed on the Hong Kong Stock Exchange in 2004, was delisted after the sale. 

At the time, the company held one of the city's 3G mobile licenses. 

Before the sale, the company's major shareholder was the mainland China state-owned conglomerate China Resources, which owned 48 per cent of the company. 

Based in Beijing, China Resources' business includes property, retail, consumer goods, power, construction materials and manufacturing. 

Hong Kong sources said yesterday that Charlotte Leung's career had included working for Citigroup. 

But they said the Leung family's involvement in the mobile phone business would also have given them contacts in Hong Kong media circles. 

The family was also well connected in Beijing circles. 

Hong Kong sources said yesterday they were at a loss to understand why the couple had undertaken such a complex and substantial transaction in Dow Jones shares. 

They said the size of the transaction would appear to indicate that the couple was very sure of the reasons for making such a substantial investment. 

The SEC has been following suspicious trades in Dow Jones ahead of the News Corporation announcement. 

Yesterday Dow Jones said advertising revenue at The Wall Street Journal fell the most in almost two years last month. 

Ad sales dropped 12 per cent and volume fell 13 per cent.

 Additional reporting: Bloomberg


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## Wysiwyg (21 May 2007)

Today, hours before a trading halt in GGP, the share price has risen over 22%.This is another example of information available to some before being available to the public.


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## markrmau (2 June 2007)

Have a look at FRR, 23/5/7. SP down. vol up. 

Profit downgrade announced 24/5/7


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## krisbarry (2 June 2007)

Take a look at WRK over the past week.  Massive increase in share price and volume, then went into trading halt, pending drilling results.  Great drilling results released, how ironic

Either the lab, the miners, or sally the photocopy chick leaked results.  Or maybe it was Bob who fills the water cooler who overheard the results and bought in, whilst telling his mates too.

THIS WAS A VERY OBVIOUS LEAK


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## krisbarry (5 June 2007)

Yep even the dirty wiff of a leak reached the ASX.

WRK has just been queried


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