Unknown traders made more than $3.6 million in illegal profits by investing in shares and derivatives ahead of Softbank Group Corp.’s announcement last month that it would buy Fortress Investment Group LLC, according to U.S. regulators.
The traders are believed to be overseas investors who used accounts outside the U.S., the Securities and Exchange Commission said in a court filing. The SEC said it won an emergency court order freezing the traders’ assets.
The defendants engaged in “highly suspicious trading” that involved buying 950,000 Fortress shares through accounts at Maybank Kim Eng. Securities Pte in Singapore, the SEC said in a statement Tuesday. The stock was purchased on Feb. 14 for prices ranging from $5.92 to $6.35 a share. After the market closed that day, Softbank said it planned to acquire Fortress for about $3.3 billion, or $8.08 a share.
Link: Mystery Traders Made Millions Illegally on Fortress Deal
No comments:
Post a Comment