By Erik Larson, Bloomberg News
A former employee of a large multinational bank passed nonpublic information on dozens of planned mergers and acquisitions to his girlfriend’s father and several friends who made millions of dollars trading on the tips, the U.S. Securities and Exchange Commission said in a lawsuit.
Daniel Rivas, a technology project consultant in the bank’s capital markets technology group in New York, supplied information on about 30 deals using tipping chains that ultimately benefited 10 people, the SEC said in suit Wednesday in federal court in Manhattan.
The complaint, which seeks the return of the profits plus ...
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