Under Japanese law, insider-trading rules only apply to those who receive the tip, not to the tipster.Fines are tiddly because they are based on the commission earned by those trading on the news, not the profits they generate.
The letter does not disclose who might have received the tips, if they were made.
He had received the tips from his brother-in-law, Michael Kara, who had wheedled them out of his brother Maher Kara, a Citigroup investment banker in San Francisco.
The criminal prosecution of a former director of Mariner Energy, H. Clayton Peterson, which will very likely result in his serving a prison term, involved about $150,000 in profits realized by his son Drew, who received the tips.
Although police officials did not disclose when they received the tip about Mr. St.
The city Police Department, which could have been there within minutes, never received the tip, he said.
The letter was brought to the Fed's attention by The Financial Times after it received the tip.
The trader, who worked at Wells Fargo, reportedly received the tip from a 3G investor.
I was skeptical when I received the tip from a friend of a friend on Facebook.
But it did not look back 45 years, until the El Segundo police received the tip in September.
