Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Fido Ex-PM May Dodge Insider Trading Penalties Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 21, 2012

A Fido Ex-PM May Dodge Insider Trading Penalties

News summary by MFWire's editors

A former PM for Fidelity [profile] may dodge penalties in an insider trading case in Hong Kong. Debra Mao of Bloomberg reports that prosecutors in the Chinese city-state aren't seeking any penalty for George Stairs. A three-member tribunal ruled on April 26 that Stairs Stairs, who once PMed Fidelity's International Value fund, received non-public information three years ago about a Chinese vegetable producer and sold shares [ruling].

"We're not recommending any disgorgement because under the law the losses avoided had to have been for personal gain," Government lawyer Jonathan Kwan reportedly said.

"He did knowingly trade on non-public price sensitive information," Fido spokesman Vin Loporchio told Bloomberg in an e-mailed statement. "Fidelity conducted a thorough internal review of this matter consistent with its strong protocols."

Stairs no longer PMs any Fido funds, though he still works for the company.

The final decision on if and how to punish Stairs, say by banning him trading in Hong Kong, rests with the tribunal. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use