SEC Fires Off 1st Insider Trading Suit Over CDS

Law360, New York (May 5, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission filed charges Tuesday in what it said was the first insider trading case involving credit default swaps, accusing a Deutsche Bank Securities Inc. salesman and a former portfolio manager of improperly swapping information about a bond offering from Dutch media conglomerate VNU NV.

According to the SEC complaint, filed in the U.S. District Court for the Southern District of New York, Deutsche Bank CDS salesman Jon-Paul Rorech illegally fed information about proposed changes in a VNU bond offering to Renato...
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