IKN - a snippet of mining gossip. Quote:
IKN hears that one of the lawyers deeply involved with the HudBay (HBM) takeover of Augusta (AZC) is about to have nasty things happen to him because the US SEC has caught him with his fingers well and truly in the cookie jar, trading shares of AZC with insider knowledge. And yes, IKN knows the full name of the naughty boy.IKN's on the road again, doing due diligence on a couple Peruvian distilleries with strong growth prospects, so I'll add the following:
Augusta was the one that had that Rosemont property in Arizona that the environmentalists from Save The Scenic Santa Ritas were opposing.
While insider trading by lawyers is bad and all, the SEC should really look at how the environmentalists issued that news release last November that caused the stock price to tank based on wholly false and misleading information.
My blog - the time when the Save The Scenic Santa Ritas group issued a press release with false and misleading information about AZC.
What's worse? A lawyer who makes $100K on a side trade with insider info, or an environmentalist group who wipes a hundred million off a company's market cap by issuing a press release with falsified material information that induces shareholders to sell at a loss?
Now, I'm not in favour of insiders making money trading on inside information, and I also work to protect the environment. But if the SEC wants to be serious about protecting the integrity of the capital markets, I think it should do what it takes to get at the heart of this SSSR story from last year.
Hey, after all, maybe the Save the Scenic Santa Ritas group were simply stooges being paid by some company who wanted to buy out AZC at distressed prices? We'll never know if it never gets investigated, right?