On the 6th of January, 2010, Stanko Grmovsek was sentenced to three years and three months in confinement for making profits of an anticipated US$9 million over 14 years supported by insider tips from his best friend from the law school, Gil Cornblum.
Grmovsek and Cornblum had ran an illegal insider trading scheme from 1994 until 2008. Using his job as a corporate lawyer at various law firms, Cornblum had passed material nonpublic information related to 46 takeovers to Grmovsek, who afterward traded using brokerage accounts located in Ontario and the Bahamas. On the 27th of October 2009, Grmovsek pleaded guilty to all indictments against him in both Canada and the USA following a joint investigation by the U.S. Securities and Exchange Commission (SEC) and the Ontario Securities Commission (OSC).
Was Insider Trading Ahead of Takeovers a Problem Case Study Solution
PUBLICATION DATE: September 11, 2012 PRODUCT #: W12191-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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