Agence France Presse: Two bankers and a hotel developer were charged Friday with fraud and insider trading, in a case pursued by President Barack Obama's Financial Fraud Enforcement Task Force, the Department of Justice said.
The suspects, from 2004 to 2007, arranged loans under false pretenses for a total of 80 million dollars, one fourth of which was pocketed by the developer who lived in luxury and even bought himself an island in the Bahamas, the DoJ said in a statement.
The bankers, meanwhile, sold all of their shares of the Atlanta, Georgia-based Integrity Bank they worked for, which was getting into deep financial trouble because of the loans to the hotel developer.
"The indictment charges that in essence they allegedly took advantage of secret inside information to sell stock that they knew to be overvalued, to others who did not share the same information," the DoJ said.
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