(HedgeCo.Net) The Securities and Exchange Commission has charged Jason Peltz of Long Island City, New York with insider trading ahead of a media report about the potential acquisition of chemical manufacturer Ferro Corp. that caused the company’s stock price to climb. Peltz also tipped others to trade ahead of the news, for a collective total profit of approximately $1 million.<\/p>\n\n\n\n
According to the SEC’s complaint, Peltz used inside information to trade Ferro securities before a March 15, 2016 news media article that Ferro had received a takeover approach from a prominent private equity firm. The complaint alleges that Peltz placed his trades using accounts held in the names of others, including the account of a British Virgin Islands company. Peltz further leveraged the inside information by tipping several associates who all traded Ferro within days of Peltz.<\/p>\n\n\n\n
The case originated from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.<\/p>\n\n\n\n
In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York filed criminal charges against Peltz on December 22, 2020.<\/p>\n\n\n\n
The SEC’s complaint, filed in federal court in Brooklyn, charges Peltz with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks injunctive relief and civil monetary penalties.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) The Securities and Exchange Commission has charged Jason Peltz of Long Island City, New York with insider trading ahead of a media report about the potential acquisition of chemical manufacturer Ferro Corp. that caused the company’s stock price to […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-76749","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/76749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=76749"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/76749\/revisions"}],"predecessor-version":[{"id":76750,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/76749\/revisions\/76750"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=76749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=76749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=76749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}