Michael K.C. Tom, 40, of Winchester, Massachusetts, was sentenced to one year and a day in prison for making insider trades that netted him $750,000 in ill-gotten profit. Tom reportedly made trades based upon insider knowledge about Citizens Financial Group's acquisition of Charter One Financial in May 2004 and was charged in 2005 with five counts of insider trading. Tom was an analyst with Citizens and left to found his own hedge fund firm, Global Time Capital Management. His original sentence, which was lighter, was appealed by prosecutors.
Read the story here and here.
Read the SEC litigation release on the case here.
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