SEC identifies Pakistani banker in TXU insider trading case

by PegNews wire

Just another example of the SEC infringing on capitalism at its most efficient.

Photo not provided by the SEC

The culprit was not able to make a clean getaway with the $5 million dollars

DALLAS — According to this story in the Dallas Business Journal, it appears that the SEC has identified one of the primary culprits in the TXU buyout insider trading scheme. Pakistani banker Ajaz Rahim was identified by the SEC as the party that received insider info from Credit Suisse junior broker Hafiz Naseem, bought 6,700 call option contracts and proceeded to make approximately $5 million in profit in a matter of days.

According to the SEC, the two worked together at American Express bank in Karachi, Pakistan. Rahim is also accused of using insider information on at least eight other securities transactions.

Posted by Todd M.