22 January 2018
visit http://response.ncr.com

SEC probes stock surveillance companies - WSJ

08 December 2004  |  4397 views  |  0 cash in hand

The US Securities and Exchange Commission (SEC) has subpoenaed a number of firms that provide share purchase and sale data to discover whether their employees have tried to bribe back office staff at banks for confidential stockholder data.

According to a report by the Wall Street Journal (WSJ) the stock surveillance firms subpoenaed include Thomson Financial, Ilios Partners, the Georgeson Shareholder Communications division of Australia's Computershare and Miller Tabak & Co which operates a unit called Strategic Stock Surveillance.

Canada-based Thomson Financial admitted last month that it had received a subpoena from the US watchdog for documents relating to the operations of its Capital Markets Intelligence Service divison.

The SEC is looking into firms that may have paid gratuities to back-office staff at custodian banks for shareholder data that could potentially be used for illegal insider trading.

WSJ says already one internal company probe has discovered that a back office clerk at CIBC Mellon Global Securities Services gave out secret data on stockholdings for tickets to sporting events and cash payments of $50 to $100, while another internal investigation revealed that four staff at Mellon Financial disclosed similar information for baseball tickets, $50 American Express gift certificates and boxes of steaks.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SEC in retreat on controversial stockmarket reforms

SEC in retreat on controversial stockmarket reforms

01 December 2004  |  5045 views  |  0 comments
SEC probes Thomson Financial division

SEC probes Thomson Financial division

18 October 2004  |  3611 views  |  0 comments
SEC charges former Nextcard managers with fraud

SEC charges former Nextcard managers with fraud

29 September 2004  |  4149 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.thomsonreuters.infovisit www.capgemini.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
13240 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8446 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8356 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
7346 views 1 | 7 tweets | 2 linkedin

Featured job

London, UK (or flexible)

Find your next job