WASHINGTON: A Brooklyn man indicted for an insider trading scheme used information from a Bloomberg News reporter about certain deals to trade, according to a review of the charging documents, in a case that comes as the volume of leaked information about mergers and acquisitions is rising.
The indictment does not name the journalist or the media outlet, but Reuters and other media outlets have identified him as Ed Hammond, a deals reporter with Bloomberg in New York, based on a review of articles mentioned in the indictment.Advertisement"Ed Hammond is a very accomplished reporter. We're not aware of any facts to suggest any wrongdoing on his part," the same Bloomberg spokeswoman said in an email statement.
After Peltz began placing the trades with the help of co-conspirators between Feb. 22, 2016 and March 11, 2016, Peltz had"numerous contacts" with Hammond over the phone and in person, the indictment alleges. Bloomberg published a story by Hammond about the approach on March 15, 2016, which pushed Ferro's stock up 4.7per cent.
"The motivations for intermediaries and other sell-side parties related to M&A transactions to leak information are clear. Our research shows that over the past ten years leaked deals have commanded an average premium that is 124 percent higher than for non-leaked deals," the reported noted.
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