SEC to Settle with Five Involved in Insider Trading Scheme (Finance Magnates) The Securities and Exchange Commission today said it will settle insider trading charges with five people accused of generating ‘millions of dollars’ based on tips from a former IT employee of a large bank about dozens of pending corporate transactions. The SEC said Daniel Rivas, who worked in Bank of America, leaked nonpublic information about potential mergers, acquisitions and tender offers. From October 2014 to April 2017, the alleged tipper passed confidential details about the bank’s clients more than 30 times to co-conspirators, who then traded on the tips.
All you have to see is corporate buybacks and boom! there you have it! Nothing new with this....happens various times.