SEC Investigating Insider Trading of Apple’s Stock: Staffers Involved?
11:40 am, August 31st, 2009, Leander Kahney
The Securities and Exchange Commission is looking for insider traders of Apple stock — possibly Apple staff — who made suspicious trades of the company’s stock, according to the Huffington Post.
The SEC is asking brokerage firms for the identities of clients who made suspicious trades, HuffPost financial columnist Dan Dorfman says.
The SEC is looking at suspicious stock trades during four specific time periods, which is unusual, Dorfman says; investigations are usually limited to single time periods — not multiple.
Insider trading is the buying and selling of stock by people with access to information not available to the general public, and is closely watched by the SEC. Insider trades often revolve around news that moves the company’s stock, such as good or bad revenue reports, or the announceent of new products.
The SEC would not reveal any details of its investigation, but traders contacted by Dorfman speculated that it concerned reports about Steve Jobs health and liver transplant, and/or sales of the iPod. News about either create volatility in Apples stock, which insiders can profit from.
As Dorfman notes, Apple’s stock has been great for traders: insider or not. It’s almost doubled in 8 months, jumping from $85.35 to $170.05, just below the 52-week high of $176.25.
Posted by Leander Kahney in Apple, News | Comment on this article
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i wouldn’t be shocked if some folks at Cupe were buying and selling based on what Jobs looked like that week. Heck they might have been the ones leaking the info that he was dying etc. just to lower the prices.
Charli, on August 31st, 2009 at 7:45 pm