Securities and Exchange Commission (SEC)
Insider Trading Charges Brought Against Scientist
This month, The Securities and Exchange Commission announced insider trading charges against a research scientist who searched the internet for “how sec detect unusual trade” before making a trade that was flagged as suspicious.
The charges suggest that Fei Yan bought stocks and options in advance of two corporate acquisitions late last year based on confidential information that he received through his wife, an associate at a law firm that worked on the deals.
Apparently, Yan made approximately $120,000 in illicit profits by selling his holdings in Mattress Firm Holding Corp. and Stillwater Mining Company following public announcements that they would be acquired by other companies.
Department of Justice
Postal Workers Charged in Marijuana Scheme
A post office manager and two letter carriers with the U.S postal service were convicted this month after a week-long trial by jury for one count each of conspiracy to commit bribery, bribery, and conspiracy to distribute marijuana. The men were involved in a scheme to use their positions at the USPS to deliver hundreds of pounds of marijuana to people in the District of Columbia in exchange for cash.
These convictions are a win for the DOJ, which has recently been urging harsher sentences for marijuana related offenses.
Denver Credit Union to Reapply for A Master Account to Serve Marijuana Related Businesses
The CEO of a Denver credit union who was denied permission to provide banking services to marijuana related businesses is going back to the U.S. Federal Reserve Bank of Kansas City to re-apply for a master account.
Originally, the Reserve bank did not want to get involved with marijuana related businesses and denied the credit union an account even though the credit union had received its charter from the state of Colorado in 2014 where recreational marijuana is legal.
A U.S. Court of Appeals said Four Corners could re-apply for a master account in spite of an earlier district court ruling.