J.P. Morgan Chase & Co. faces a new regulatory headache, as
Japan's securities watchdog is probing the company for possibly leaking
insider information, a person familiar with the matter said.
J.P. Morgan was a lead underwriter for Nippon Sheet Glass Co. in
2010 when the glass maker issued new shares, and the company's stock
dropped sharply in the days leading up the announcement. Japan's Securities and Exchange Surveillance Commission Tuesday
announced it was seeking to fine an asset management company called
Asuka Asset Management Ltd. for short-selling shares based on illegally
obtained information in advance of the offering from an underwriter.
While Asuka gained Y60.5 million, or about $760,000, from the insider
trading, the watchdog only recommended a fine of Y130,000, or about
$1,600, because of the small amount of fees earned from its clients on
the trades. Read more >>
No comments:
Post a Comment