Saturday, February 14, 2009

PIPE Frontrunning / SG SEC Fine / Failure to Supervise

Guillaume Pollet violated laws by shorting PIPE issuers prior to close of transactions in which he was contemplating investing Société Générale capital. SGAS failed to have a reasonable system to implement compliance and supervisory policies to prevent and detect Pollet's unlawful trading, and Control Room staff failed to adequately investigate suspicious trading by Pollet.

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