Ex-Santander Analyst Settles Insider Trading Claims

Law360, New York (April 25, 2011, 10:16 PM EDT) -- A former Banco Santander SA analyst settled U.S. Securities and Exchange Commission allegations in Illinois on Monday that he traded on BHP Billiton Ltd.'s $43.1 billion takeover bid for Potash Corp. before it was made public.

Juan Jose Fernandez Garcia of Madrid agreed to pay more than $625,000 to settle the SEC's claims that he illegally traded on inside information in advance of BHP's deal, which Santander handled, according to the commission. The settlement includes disgorgement of his profit from the alleged insider trading, plus a...
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