A PYMNTS Company

US: SEC eyes insider trading scandal in coal merger

By  |  September 24, 2014

The Securities and Exchange Commission has reportedly found evidence of insider trading related to a merger in the coal industry.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.