DOJ Probes Alleged Insider Trading Scheme That Stung Susquehanna

Regulation
โดย Bloomberg·Read original
Summary · why it matters

The Justice Department is looking into Susquehanna International Group's allegations that unknown insider traders made $100 million on options bets placed ahead of a recent Chinese regulatory crackdown on cross-border brokerages, according to people familiar with the matter. The criminal division in Washington is leading the probe, which is in its early stages. The Securities and Exchange Commission is also examining the trades described in the market-making firm's complaint. Susquehanna said in a lawsuit filed Monday in Manhattan federal court that it lost more than $70 million as counterparty on most of the alleged insider trades, which involved US exchange-traded options in Chinese securities firms targeted in a May 22 crackdown. The firm sued 100 John Doe defendants and obtained a court order freezing accounts at Interactive Brokers Group Inc. and the platforms of Futu Holdings Ltd. and Up Fintech Holdings Ltd. that the defendants allegedly used.

Impact on stocks 3

Financials▼ · 2 stocks
Futu Holdings Ltd
FUTU
▼ NegativeRegulationrelevance

Futu Holdings' platforms were used in alleged insider trading and accounts frozen, facing regulatory scrutiny and potential legal costs.

Up Fintech Holding Ltd
TIGR
▼ NegativeRegulationrelevance

Up Fintech's platforms were used in alleged insider trading and accounts frozen, facing regulatory scrutiny and potential legal costs.

Digital Finance & Tokenization▼ · 1 stocks
Interactive Brokers Group Inc
IBKR
▼ NegativeRegulationrelevance

Interactive Brokers' accounts were frozen by court order due to alleged insider trading, potentially harming its reputation and operations.

Off-coverage companies 1

Susquehanna International GroupPrivate▼ Negative
Regulationrelevance

Susquehanna lost over $70 million as counterparty to alleged insider trades and is pursuing legal action, but the incident is negative for the firm.

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