Two traders have been charged by the Securities and Exchange Commission for insider trading in relationship to the BHP (NYSE:BHP) bid for Potash (NYSE:POT).
One of the men, Juan Jose Fernandez Garcia, from Spain, works for Banco Santander SA as head of research. Banco Santander is the advisor for BHP in their Potash bid.
It wasn't clear, outside of alleged insider trading, what other connection Luis Martin Caro Sanchez, the other man charged, also from Spain, played in the deal, if any.
The charges are making trades on secret information, where illegal profits of $1.1 million were made in bets Potash stock would increase.
Early in August the two traders spent $61,000 on contracts which were at a set price, and which were close to expiring. The only way the two could have made money would have been for the shares of Potash to increase in value rapidly.
The pair attempted to move their money out of the country to Spain, but failed in the attempt.
Trades were made on the Chicago Board Options Exchange, and the charges were filed by the SEC in federal district court in Illinois.
Showing posts with label Securities and Exchange Commission. Show all posts
Showing posts with label Securities and Exchange Commission. Show all posts
Wednesday, August 25, 2010
Tuesday, August 17, 2010
Puda (AMEX:PUDA) Files Registration Following Powerful Quarter
Puda Coal, Inc. (AMEX:PUDA), a consolidator of coal mines in China, as well as producer of clean metallurgical coal, has filed a registration with the U.S. Securities and Exchange Commission Tuesday in order to be able to sell any combination of Common Stock, Preferred Stock, Warrants and Units for up to $90 million.
Earnings for Puda in the last quarter were $0.36 a share, while the street was looking for $0.24 a share. Revenue came in at $82 million.
Sales of clean coal in the quarter rose to 601,000 metric tons, a 36.5 percent gain over last year in the same quarter. The average selling price of the coal increased to $137 a metric ton, up 25.7 percent over last year.
Gross margins almost doubled for 7.5 percent last year to 14.7 percent this year.
Profits grew to $12.1 million, soaring 235.2 percent.
Earnings for Puda in the last quarter were $0.36 a share, while the street was looking for $0.24 a share. Revenue came in at $82 million.
Sales of clean coal in the quarter rose to 601,000 metric tons, a 36.5 percent gain over last year in the same quarter. The average selling price of the coal increased to $137 a metric ton, up 25.7 percent over last year.
Gross margins almost doubled for 7.5 percent last year to 14.7 percent this year.
Profits grew to $12.1 million, soaring 235.2 percent.
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