SEC Sues Ex-Banco Santander Official For Insider Trading

Law360, Chicago (July 30, 2013, 7:13 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday accused a former Banco Santander SA official and a former Spanish judge of insider trading in advance of BHP Billiton Ltd.'s failed 2010 takeover bid for Potash Corp., which allegedly netted the two nearly $1 million in illegal profits combined.

Cedric Canas Maillard, once an advisor to the Madrid-based investment bank’s CEO, allegedly learned of the coming takeover bid from inside channels at the bank, which was advising BHP, and parlayed that confidential information into favorable trades in...
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