Tuesday, May 3, 2011

YALFITI: Yet Another Law Firm Insider Trading Incident

Shook Lin & Bok LLP, a Singapore-based law firm with approximately 80 lawyers, billing itself as "a one-stop Asia Practice service for investment and financial transactions in China, India and ASEAN," finds itself in the news this week due to admitted insider trading by a firm staff member.

The Monetary Authority of Singapore (MAS) has fined a firm employee S$50,000 ($40,000 USD) for trading shares based on price-sensitive information about an impending acquisition. In this jurisdiction, insider trading is a purely civil matter, so no criminal charges are pending.

The employee accessed this information "...while reviewing the translation of legal documents regarding the company's offer."

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