Anadarko Insider Culprits May Soon Be Outed, NY Judge Told
Law360, New York (May 20, 2019, 3:41 PM EDT) -- Securities regulators told a Manhattan federal judge Monday that they may soon identify two traders, one possibly in an oversees British territory and one possibly in Russia, who flipped a shady $2.5 million profit on Anadarko Petroleum ahead of an acquisition bid by Chevron.
U.S. District Judge Gregory H. Woods, who is overseeing the U.S. Securities and Exchange Commission's blind-item insider trading case, said he would continue a previously obtained asset freeze and potentially grant expanded discovery, calling for a status update in 60 days.
“No defendant has appeared, nor has any representative for a defendant appeared,” Judge Woods said.
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