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by Mike Caswell
The U.S. Securities and Exchange Commission and prosecutors in New York have filed insider trading charges against a very junior analyst at RBC Capital Markets analyst. The government claims that Bill Tsai, a 23-year-old employee of RBC in New York, used confidential information to buy out-of-the-money options ahead of a $1.7-billion takeover offer. (All figures are in U.S. dollars.) Those options more than tripled in value after the takeover became public, prosecutors say.
Mr. Tsai was arrested in New York on Sunday, Aug. 11, on the charges. He made an initial appearance before a judge on Monday afternoon, with the judge releasing him on a $100,000 appearance bond. He has not yet entered a plea.
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