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The Securities and Exchange Commission (SEC) has charged a director of market intelligence at a Manhattan-based investor relations firm with insider trading ahead of news announcements by more than a dozen clients.
The charges were filed against Michael Anthony Dupre Lucarelli, who garnered nearly USD1 million in illicit profits.
An SEC investigation and ongoing forensic analysis of Lucarelli’s work computers uncovered that he repeatedly accessed clients’ draft press releases stored on his firm’s computer network prior to public announcements. The SEC alleges that Lucarelli, who had no legitimate work-related reason to access the draft press releases, routinely purchased stock
Chiquita Brands International and Fyffes have updated the anticipated annualised pre-tax cost synergies for the proposed combination of the two businesses.
Chiquita and Fyffes have identified an additional USD20 million of synergies for a total of at least USD60 million in annualised pre-tax cost synergies by the end of 2016, reflecting additional information which has become available regarding optimisation of sourcing and shipping logistics, as well as the output of the information technology integration planning work stream that was established after the proposed combination was first announced.
The USD20 million of additional recurring annual synergies is anticipated to come
bfinance, an independently owned investment consultancy, has added to its service and advisory capabilities in the Middle East with the hire of a senior consultant.
Navneet Maheshwari joins from Nasdaq Dubai and will be responsible for local market client relations for bfinance across the Middle East as well as the development of new business opportunities in the region.
At Nasdaq Dubai, Maheshwari was responsible for building the exchange’s equity capital markets business in the MENA and CIS region.
Previously, Maheshwari worked for five year with Partners Group, a leading global private markets investment manager in their Switzerland and
Prudential Capital Group has appointed Michael Berry as a managing director and head of its London office.
Prudential Capital Group, a provider of private capital, is an asset management business of Prudential Financial.
Berry’s appointment is effective immediately. He reports to Marie Fioramonti, managing director and head of Pricoa Capital Group, the non-US business of Prudential Capital Group, which has provided private placements and mezzanine financing in the UK and Europe for more than 30 years.
“Michael is a welcome addition whose relationship-oriented approach is key as Prudential Capital Group continues to provide tailored financing for middle-market companies
Key figures from the UK’s financial industry have welcomed the launch of the Social Media Charter, which aims to ensure compliant use of social media.
The Financial Conduct Authority (FCA) announced a couple of weeks ago the launch of a consultation on social media, following months of dialogue with the Social Media Charter and industry – primarily on where the regulation should sit to help improve trust in the industry with customers and clients.
Charles Parry is an approved counsel on the Attorney-General’s list, and a barrister specialising in regulatory compliance. As counsel at the Social Media Charter he
ZipRecruiter has closed a USD63 million Series A funding round led by Institutional Venture Partners (IVP) with participation from Basepoint and Industry Ventures.
Proceeds from the round will be used to develop new products, accelerate marketing for future growth, selectively pursue acquisitions and scale the infrastructure.
IVP principal Eric Liaw will be joining the ZipRecruiter board of directors.
ZipRecruiter launched in 2010 with the goal of bringing Fortune 500-level recruiting tools to every small and medium sized business in North America. In 2014, ZipRecruiter is on pace to exceed 100 per cent revenue growth and registers over 30,000
Paul Hastings has advised Ocean Holding on the acquisition of the Düsseldorfer Hypothekenbank, a German mortgage bank, from the US investor Lone Star.
Measured by total assets estimated at EUR12 billion, this is the largest German bank takeover since the start of the financial crisis.
Ocean Holding, a fund managed by Patrick Bettscheider and Attestor Capital, has acquired Düsseldorfer Hypothkenbank from the previous owners, LSF5 German Investments II LP, Delaware, and LSF5 Riverside Ltd & Co KG, two companies of the Lone Star Group.
The Lone Star Group acquired the bank in 2010 and injected more than EUR500
Brentwood Associates, a consumer-focused private equity investment firm, has acquired Marshall Retail Group, headquartered in Las Vegas, Nevada.
Marshall Retail Group is a specialty retailer for high-foot-traffic marketplaces with locations in major casino-hotels and airports across the US. The company is led by chief executive officer Michael C Wilkins, who will continue to lead the business going forward.
Founded in 1955, Marshall Retail Group operates 155 retail locations across 10 states and Washington DC.
Wilkins says: “Brentwood is an important strategic partner that truly understands our business. We are eager to call on their expertise in retail and
Venture capital (VC) funding for the life sciences sector, which includes biotechnology and medical devices, reached USD2.5 billion in 195 deals for the second quarter of 2014, according to a report.
The report, which includes data from the MoneyTree Report from PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA), and is based on data provided by Thomson Reuters, reveals that while Q2 saw the highest level of investment since the second quarter of 2007, it was also the strongest second quarter since 1995, which is the earliest data recorded by the MoneyTree.
During the second quarter of 2014,
Riverstone Holdings will be one of three cornerstone investors in new Norway and UK-focused exploration and production (E&P) company Origo Exploration.
Riverstone and Barclays Natural Resource Investments (BNRI) will each contribute USD200 million of funding to Origo, while Singapore-based investment company Temasek will contribute an additional USD125 million.
The Riverstone commitment comprises USD133 million from Riverstone Global Energy and Power Fund V and USD67 million from Riverstone Energy Limited (REL).
Origo, headquartered in Stavanger, is led by Andrew Armour, Timothy Sullivan, Svein Ilebekk, Kent Høgseth and Ørjan Gjerde, all highly-experienced professionals from the E&P industry in Norway and
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