SEC brings first insider-trading case involving CDS

05/5/2009 | Financial Times (free content)

The U.S. Securities and Exchange Commission accused a bond salesman of insider trading related to credit default swaps, the first case of its kind. The SEC alleged that the salesman gave a hedge fund manager confidential information that led to a $1.2 million instant profit. "This is the first insider-trading enforcement action involving credit default swaps," said Scott W. Friestad, deputy director of the SEC's enforcement unit.

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