The Securities and Exchange Commission has reportedly found evidence of insider trading related to a merger in the coal industry.
Federal officials have reportedly filed a lawsuit that claims three individuals used insider information to illegally benefit from Arch Coal’s acquisition of International Coal Group. According to the SEC, the individuals made more than $5.6 million off their scheming through 13 mergers and acquisitions.
While the lawsuit accuses three men of trading on insider information taken from Simpson Thacher & Bartlette, only one of the men is named. Frank Tamayo is listed as the only defendant. The other two, Steven Metro and Vladimir Eydelman, are named in the complaint as co-conspirators.
Tamayo reportedly pleaded guilty last week to other fraud charges stemming from the same merger deals.
Full content: Businessweek
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI