Truth Social has launched a premium Truth API service that offers real-time access to posts for subscribers paying as much as $100,000 per month. While premium data feeds are common across social media platforms, this service has sparked controversy because the platform's most influential user is U.S. President Donald Trump.

The subscription is reportedly aimed at high-frequency trading firms, hedge funds, financial institutions, and news organizations seeking instant access to market-moving information. Critics argue that when a sitting president's social media posts can influence stock markets, commodities, tariffs, and geopolitical developments, faster access could create an unfair financial advantage for those who can afford it.

Trump's $100K Truth Social API Sparks Insider Trading Fears | Can Presidential Posts Be Sold?

President Donald Trump's longtime teleprompter operator, Gabriel Perez, is under investigation by federal regulators over alleged bets placed on prediction market platform Kalshi related to Trump's speeches. According to reports, Perez allegedly earned more than $90,000 in profits by predicting words and phrases Trump would mention during scheduled addresses. Kalshi flagged the trades as suspicious, froze most of the alleged profits, and referred the matter for review by the Commodity Futures Trading Commission (CFTC). Perez, who has operated Trump's teleprompter since the 2016 presidential campaign, is now at the center of an investigation raising fresh concerns over insider information and prediction market trading

Trump suspends teleprompter operator over Kalshi betting allegations, White house says

Ahead of several major policy announcements by US President Donald Trump, a series of unusually well-timed trades has raised red flags across global markets. The trades, linked to anticipated policy moves, have reportedly generated millions, prompting scrutiny over timing and possible market advantage.

US-Iran War: Millions Made from Well-Timed Trump Policy Bets | World Business Watch

Donald Trump, for the whole weekend, was threatening vengeance, issued a 48-hour ultimatum and threatened to bomb all the energy installations if Iran does not open the Strait of Hormuz. Then, around 7:05 am EST on March 23, he took a sudden U-turn, calling for a 5-day truce, suggesting there were productive negotiations with the Iranian administration, a claim denied by Iran several times. If this sudden change in the wind was not malicious enough, US Senator Chris Murphy on Monday drew attention with a social media post that at around 6:50 am EST, $1.5 billion in S&amp;P 500 futures were bought, while according to FT calculations, $580 million in oil futures were sold. He added, “Who was it? Trump? A family member? A White House staffer?” It appeared the so-called “terror regime” in Iran was more credible and reliable than the US President. &nbsp;Also Read: <a href="https://www.wionews.com/world/kuwait-airport-drone-strike-fuel-tank-fire-flights-status-1774416609616">Kuwait airport hit by drone strike, fuel tank catches fire; no closure reported</a><h2>Was there insider trading?</h2>Allegations of insider trading have surged since the US-Israel began a military campaign against Iran, and claims that people close to the Trump administration have made or placed bets have spread rapidly. White House has denied such reports, but the number and timing hints otherwise. According to a Bloomberg report, the average trading for a similar period in the previous five trading days was 700 contracts. According to Tim Skirrow, head of energy and derivatives at consulting firm Energy Aspects, for that specific day, it was six times larger than usual, specifically with thin liquidity in pre-market hours. &nbsp;Data from FT and Bloomberg shows that roughly 6,200 future contracts were traded in a single minute. They do not clarify whether it was a single activity or a group of co-ordinated activity. Similar reports surfaced of one person betting $655,000 in &nbsp;2 per cent Out of The Money options in 1Day to Expiration just 15 minutes ahead of the headline breaking. This is high-risk, high-reward trading with absolute speculation, only if there is insider knowledge. While oil future is annonymous trading, accounts linked to Polymarket have been flagged for suspicious activity. One user named "Magamyman" made $600,000 predicting the February timing of the US strike. One person made $1 million with numerous precise bets since 2024 on the Iran war; the person has a remarkable 93 per cent accuracy. Similar, smaller bets were made on Maduro’s Capture. With one segment of the internet pointing at Baron Trump as the culprit.&nbsp;Nobel Prize winning Economist Paul Krugman wrote that the surge in trading was bizarre, as there was no new news item for the sudden surge in transaction volume. "The story would be baffling, except that there's an obvious explanation: Somebody close to Trump knew what he was about to do, and exploited that inside information to make huge, instant profits," he added.&nbsp;&nbsp;&nbsp;

Massive trades in oil and S&P 500 futures minutes before Donald Trump’s Iran truce announcement have sparked insider trading concerns and political scrutiny.

Donald Trump, for the whole weekend, was threatening vengeance, issued a 48-hour ultimatum and threatened to bomb all the energy installations if Iran does not open the Strait of Hormuz. Then, around 7:05 am EST on March 23, he took a sudden U-turn, calling for a 5-day truce, suggesting there were productive negotiations with the Iranian administration, a claim denied by Iran several times. If this sudden change in the wind was not malicious enough, US Senator Chris Murphy on Monday drew attention with a social media post that at around 6:50 am EST, $1.5 billion in S&P 500 futures were bought, while according to FT calculations, $580 million in oil futures were sold. He added, “Who was it? Trump? A family member? A White House staffer?” It appeared the so-called “terror regime” in Iran was more credible and reliable than the US President. Also Read: Kuwait airport hit by drone strike, fuel tank catches fire; no closure reported Was there insider trading? Allegations of insider trading have surged since the US-Israel began a military campaign against Iran, and claims that people close to the Trump administration have made or placed bets have spread rapidly. White House has denied such reports, but the number and timing hints otherwise. According to a Bloomberg report, the average trading for a similar period in the previous five trading days was 700 contracts. According to Tim Skirrow, head of energy and derivatives at consulting firm Energy Aspects, for that specific day, it was six times larger than usual, specifically with thin liquidity in pre-market hours. Data from FT and Bloomberg shows that roughly 6,200 future contracts were traded in a single minute. They do not clarify whether it was a single activity or a group of co-ordinated activity. Similar reports surfaced of one person betting $655,000 in 2 per cent Out of The Money options in 1Day to Expiration just 15 minutes ahead of the headline breaking. This is high-risk, high-reward trading with absolute speculation, only if there is insider knowledge. While oil future is annonymous trading, accounts linked to Polymarket have been flagged for suspicious activity. One user named "Magamyman" made $600,000 predicting the February timing of the US strike. One person made $1 million with numerous precise bets since 2024 on the Iran war; the person has a remarkable 93 per cent accuracy. Similar, smaller bets were made on Maduro’s Capture. With one segment of the internet pointing at Baron Trump as the culprit. Nobel Prize winning Economist Paul Krugman wrote that the surge in trading was bizarre, as there was no new news item for the sudden surge in transaction volume. "The story would be baffling, except that there's an obvious explanation: Somebody close to Trump knew what he was about to do, and exploited that inside information to make huge, instant profits," he added.

Massive trades in oil and S&amp;P 500 futures minutes before Donald Trump’s Iran truce announcement have sparked insider trading concerns and political scrutiny.

Insider trading suspicions after Trump’s Iran U-turn and $2 billion pre-announcement trades

A huge profit on the Polymarket prediction platform, where a trader made $400,000 by betting $32,000 on the capture of Venezuelan leader Nicolas Maduro, has sparked a debate. The trader placed the bet just hours before the Trump administration’s military operation to capture Maduro, raising questions about the possibility of insider trading. However, it remains unclear whether the trader had any inside information or was simply lucky.&nbsp;While online investigators have tried to track down the trader, who used the pseudonym ‘Burdensome-Mix’, they have yet to find conclusive details about the account’s identity. Polymarket users often bet under anonymous names, though linking these to cryptocurrency wallets could potentially reveal their true identities. A company called Chainalysis, which tracks crypto transactions, confirmed they couldn’t identify the user but noted that the trader was cashing out through reputable US exchanges, which is not typical of fraud cases that aim to conceal identities.&nbsp;Experts are divided on whether the trader engaged in insider trading. Daniel Taylor, a professor from the Wharton School, pointed out that while the situation appears suspicious in hindsight, it’s difficult to spot such behavior in real time. Unlike traditional financial markets, prediction platforms like Polymarket are lightly regulated, making it harder to detect fraud or manipulation.&nbsp;Also Read: <a href="https://www.wionews.com/trending/delhi-becomes-first-union-territory-to-lodge-fir-for-wrong-side-driving-delhi-driving-delhi-moter-vehicle-act-1767703747701">Delhi becomes first Union Territory to lodge FIR for wrong-side driving</a>&nbsp;While prediction markets are overseen by the Commodity Futures Trading Commission (CFTC), their staff is limited compared to agencies like the SEC. This limited oversight, coupled with the fact that Trump’s son, Donald Trump Jr., advises both Polymarket and Kalshi, has led some experts to question the objectivity of regulatory actions. Critics argue that political ties could hinder rigorous oversight of these platforms, especially as the stakes grow higher.&nbsp;Polymarket and Kalshi, despite their ties to Trump, state that insider trading is not allowed on their platforms. Kalshi has rules prohibiting government officials from betting on topics related to government activity. However, skepticism about the efficacy of these policies remains, particularly given the absence of strong regulatory measures.&nbsp;Other cases of potentially dubious profits on Polymarket, such as a near $1 million win from correctly predicting Google’s top searches, have also stirred concern. Even if a case could be made for insider trading, experts like Taylor argue that prosecution would be challenging without evidence of actual harm to the public or market participants.&nbsp;The Biden administration has been more aggressive in opposing prediction markets, particularly those focused on elections and sports betting. In contrast, the Trump administration was more lenient, with the Justice Department and CFTC dropping investigations into such markets. Meanwhile, Trump’s social media platform, TruthSocial, is reportedly working on its own prediction market, further increasing the scrutiny of this emerging sector.

A Polymarket trader bet on Nicolas Maduro’s capture, then made profit of $400,000 hours later

A huge profit on the Polymarket prediction platform, where a trader made $400,000 by betting $32,000 on the capture of Venezuelan leader Nicolas Maduro, has sparked a debate. The trader placed the bet just hours before the Trump administration’s military operation to capture Maduro, raising questions about the possibility of insider trading. However, it remains unclear whether the trader had any inside information or was simply lucky. While online investigators have tried to track down the trader, who used the pseudonym ‘Burdensome-Mix’, they have yet to find conclusive details about the account’s identity. Polymarket users often bet under anonymous names, though linking these to cryptocurrency wallets could potentially reveal their true identities. A company called Chainalysis, which tracks crypto transactions, confirmed they couldn’t identify the user but noted that the trader was cashing out through reputable US exchanges, which is not typical of fraud cases that aim to conceal identities. Experts are divided on whether the trader engaged in insider trading. Daniel Taylor, a professor from the Wharton School, pointed out that while the situation appears suspicious in hindsight, it’s difficult to spot such behavior in real time. Unlike traditional financial markets, prediction platforms like Polymarket are lightly regulated, making it harder to detect fraud or manipulation. Also Read: Delhi becomes first Union Territory to lodge FIR for wrong-side driving While prediction markets are overseen by the Commodity Futures Trading Commission (CFTC), their staff is limited compared to agencies like the SEC. This limited oversight, coupled with the fact that Trump’s son, Donald Trump Jr., advises both Polymarket and Kalshi, has led some experts to question the objectivity of regulatory actions. Critics argue that political ties could hinder rigorous oversight of these platforms, especially as the stakes grow higher. Polymarket and Kalshi, despite their ties to Trump, state that insider trading is not allowed on their platforms. Kalshi has rules prohibiting government officials from betting on topics related to government activity. However, skepticism about the efficacy of these policies remains, particularly given the absence of strong regulatory measures. Other cases of potentially dubious profits on Polymarket, such as a near $1 million win from correctly predicting Google’s top searches, have also stirred concern. Even if a case could be made for insider trading, experts like Taylor argue that prosecution would be challenging without evidence of actual harm to the public or market participants. The Biden administration has been more aggressive in opposing prediction markets, particularly those focused on elections and sports betting. In contrast, the Trump administration was more lenient, with the Justice Department and CFTC dropping investigations into such markets. Meanwhile, Trump’s social media platform, TruthSocial, is reportedly working on its own prediction market, further increasing the scrutiny of this emerging sector.

A trader on Polymarket made $400K betting on Nicolas Maduro's capture. The incident raises concerns over insider trading in prediction markets, with little regulation

Did insider trading fuel $400K profit on Polymarket? Betting on Nicolas Maduro's capture sparks debate

In Texas, a man who eavesdropped on his wife's work call made millions has been charged with insider trading. The US SEC alleged Tyler Loudon made $1.76m in illegal profit after listening in secretly to several of his wife's conversations about BP's takeover of TravelCenters of America. She reported his dealings to her bosses at BP but was fired from her job. She eventually moved out of the couple’s home and filed for divorce.

Gravitas | US: Man eavesdropped on wife’s work calls charged with insider trading

Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public. 
 
The charges were outlined in an indictment unsealed in Manhattan federal court that did not implicate Trump in any way. The indictment was among four separate insider trading cases brought against 10 people, including a Pfizer employee and an investment firm executive director. 
 
According to the indictment pertaining to the media company, the men were invited to invest in the special purpose acquisition company, Digital World Acquisition Corp., and were provided confidential information that a potential target of DWAC and another acquisition company, Benessere Capital Acquisition Corp., was Trump Media and Technology Group. 
 
Authorities said the defendants bought millions of dollars of DWAC securities on the open market before news of the Trump media business was made public. 
 
After the public announcement, the men dumped their securities for a significant profit, according to the court papers.

&nbsp;“Insider trading is not easy money,” US Attorney Damian Williams said in a release. “It's cheating. It's a bad bet. Because my Office, the Southern District of New York, is watching. And we're working quickly to investigate and prosecute anyone who corrupts our financial markets. And we'll keep at it as long as it takes. You can bet on that.” 
 
The arrested men were identified as Michael Shvartsman, 52, of Sunny Isles Beach, Florida; Gerald Shvartsman, 45, of Aventura, Florida; and Bruce Garelick, 53, of Fort Lauderdale, Florida. It was unclear who would represent them at Thursday afternoon initial court appearances in Miami. 
 
Michael Shvartsman owned Rocket One Capital LLC, a venture capital firm. His brother, Gerald Shvartsman, was Rocket One's chief investment officer, according to court papers. 
 
According to the indictment, Garelick was given a seat on DWAC's board of directors and had access to confidential information. It said he then shared that information with his co-conspirators. 
 
A lawyer who has represented Garelick in the past did not immediately return a message seeking comment Thursday. 
 
The indictment said that between June 2021 and November 2021, the men purchased securities including warrants of their own and shared the secrets with their friends and employees, who also bought tens of thousands of units of securities ahead of the merger announcement with Trump Media and Technology Group. 
 
Typically, a special purpose acquisition company, or SPAC, is formed with the intent to merge with a private company before the private company becomes publicly traded. 
 
In early 2021, representatives of Trump Media, including Trump, began communicating with&nbsp; Benessere about potentially merging to take Trump Media public, the indictment said. 
 
Between March and June 2021, Trump Media and Benessere entered into nonbinding letters of intent to merge, it said.

The letters required confidentiality but did allow Benessere and its agents to share confidential information with investors in the special purpose acquisition companies, the indictment said. 
&nbsp;

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Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public.

Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public. The charges were outlined in an indictment unsealed in Manhattan federal court that did not implicate Trump in any way. The indictment was among four separate insider trading cases brought against 10 people, including a Pfizer employee and an investment firm executive director. According to the indictment pertaining to the media company, the men were invited to invest in the special purpose acquisition company, Digital World Acquisition Corp., and were provided confidential information that a potential target of DWAC and another acquisition company, Benessere Capital Acquisition Corp., was Trump Media and Technology Group. Authorities said the defendants bought millions of dollars of DWAC securities on the open market before news of the Trump media business was made public. After the public announcement, the men dumped their securities for a significant profit, according to the court papers. “Insider trading is not easy money,” US Attorney Damian Williams said in a release. “It's cheating. It's a bad bet. Because my Office, the Southern District of New York, is watching. And we're working quickly to investigate and prosecute anyone who corrupts our financial markets. And we'll keep at it as long as it takes. You can bet on that.” The arrested men were identified as Michael Shvartsman, 52, of Sunny Isles Beach, Florida; Gerald Shvartsman, 45, of Aventura, Florida; and Bruce Garelick, 53, of Fort Lauderdale, Florida. It was unclear who would represent them at Thursday afternoon initial court appearances in Miami. Michael Shvartsman owned Rocket One Capital LLC, a venture capital firm. His brother, Gerald Shvartsman, was Rocket One's chief investment officer, according to court papers. According to the indictment, Garelick was given a seat on DWAC's board of directors and had access to confidential information. It said he then shared that information with his co-conspirators. A lawyer who has represented Garelick in the past did not immediately return a message seeking comment Thursday. The indictment said that between June 2021 and November 2021, the men purchased securities including warrants of their own and shared the secrets with their friends and employees, who also bought tens of thousands of units of securities ahead of the merger announcement with Trump Media and Technology Group. Typically, a special purpose acquisition company, or SPAC, is formed with the intent to merge with a private company before the private company becomes publicly traded. In early 2021, representatives of Trump Media, including Trump, began communicating with Benessere about potentially merging to take Trump Media public, the indictment said. Between March and June 2021, Trump Media and Benessere entered into nonbinding letters of intent to merge, it said. The letters required confidentiality but did allow Benessere and its agents to share confidential information with investors in the special purpose acquisition companies, the indictment said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Three charged in insider trading case related to Trump media, accused of making $22 million

Markets regulator Securities and Exchange Board of India (SEBI) had looked at Facebook accounts of suspected persons under an insider trading case, reports state.&nbsp;

According to reports, the watchdog has been scanning Facebook profiles of suspected persons to determine their probable link to a case related to violation of insider trading norms.

SEBI's investigation revealed that the Facebook profiles in the insider case related to Deep Industries. It was found that the entities involved in the case were 'friends' on the social networking site and had 'liked' each other's photos posted on the platform.

"The profiles of these persons were having restricted access and the photos posted by them can be 'liked' only by select persons whom they have added as their 'friends' on Facebook," the regulator said in an order dated April 16.

The watchdog has ordered impounding of unlawful gains worth over Rs 2.4 crore from three entities involved in the case.

The investigation found three entities as allegedly connected in the case. Rupeshbhai Kantilal Savla, Sujay Ajitkumar Hamlai and V Techweb India Pvt Ltd were found to have had traded in Deep Industries Ltd (DIL) shares while possessing price-sensitive information.&nbsp;

According to SEBI, the accused had details pertaining to the company bagging three contracts from ONGC and using it the entities made illegal gains, as per SEBI.

DIL's Managing Director Rupeshbhai Kantilal Savla and his wife Sheetal Rupesh Savla -- also one of the promoters -- were acquainted with the two directors of V Techweb -- Ajay Ajitkumar Hamlai and Sujay Ajitkumar Hamlai -- through Facebook.&nbsp;

The Savla couple was also found to be friends with Radhika Hamlai, wife of Ajay Hamlai through the platform.

Ajay and Sujay were found to be associated with DIL by virtue of frequent communication with Rupeshbhai Kantilal Savla.&nbsp;SEBI expects them to have access to the unpublished price sensitive information related to DIL in July-October 2015 period.

"... They had a social relationship which also can confer access to UPSI as envisaged in SEBI's PIT (Prohibition of Insider Trading) regulations," the order said.

According to SEBI guidelines, a person or an entity is considered an insider on a host of parameters, including by way of their association in any capacity with the company concerned and if they have an access to unpublished price sensitive information.

Those involved in frequent communication with officers, including through "likes on social media", of the company concerned can also be considered as insiders.&nbsp;

(With inputs from PTI)&nbsp;

It was found that the entities involved in the insider trading case were 'friends' on the social networking site

Markets regulator Securities and Exchange Board of India (SEBI) had looked at Facebook accounts of suspected persons under an insider trading case, reports state. According to reports, the watchdog has been scanning Facebook profiles of suspected persons to determine their probable link to a case related to violation of insider trading norms. SEBI's investigation revealed that the Facebook profiles in the insider case related to Deep Industries. It was found that the entities involved in the case were 'friends' on the social networking site and had 'liked' each other's photos posted on the platform. "The profiles of these persons were having restricted access and the photos posted by them can be 'liked' only by select persons whom they have added as their 'friends' on Facebook," the regulator said in an order dated April 16. The watchdog has ordered impounding of unlawful gains worth over Rs 2.4 crore from three entities involved in the case. The investigation found three entities as allegedly connected in the case. Rupeshbhai Kantilal Savla, Sujay Ajitkumar Hamlai and V Techweb India Pvt Ltd were found to have had traded in Deep Industries Ltd (DIL) shares while possessing price-sensitive information. According to SEBI, the accused had details pertaining to the company bagging three contracts from ONGC and using it the entities made illegal gains, as per SEBI. DIL's Managing Director Rupeshbhai Kantilal Savla and his wife Sheetal Rupesh Savla -- also one of the promoters -- were acquainted with the two directors of V Techweb -- Ajay Ajitkumar Hamlai and Sujay Ajitkumar Hamlai -- through Facebook. The Savla couple was also found to be friends with Radhika Hamlai, wife of Ajay Hamlai through the platform. Ajay and Sujay were found to be associated with DIL by virtue of frequent communication with Rupeshbhai Kantilal Savla. SEBI expects them to have access to the unpublished price sensitive information related to DIL in July-October 2015 period. "... They had a social relationship which also can confer access to UPSI as envisaged in SEBI's PIT (Prohibition of Insider Trading) regulations," the order said. According to SEBI guidelines, a person or an entity is considered an insider on a host of parameters, including by way of their association in any capacity with the company concerned and if they have an access to unpublished price sensitive information. Those involved in frequent communication with officers, including through "likes on social media", of the company concerned can also be considered as insiders. (With inputs from PTI)

SEBI scans Facebook profiles; finds evidence in 'insider trading' case

India-born former Goldman Sachs director Rajat Gupta, who is arguing in appeal that the government lacked evidence to show he &quot;received even a penny&quot; for passing insider information, has disagreed with a US Supreme Court ruling that sharing corporate secrets is illegal even if the tipsters did not receive anything in return.

In a landmark ruling earlier this month relating to the insider trading conviction of Illinois resident Bassam Yacoub Salman, the Supreme Court unanimously ruled that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn&#39;t receive anything of value in return.

68-year-old Gupta is a free man now after completing a prison term on insider trading charges but is not giving up his legal battle to overturn his conviction, arguing that he served two years in jail for conduct that is not criminal even though the government lacked evidence to show he &quot;received even a penny&quot; for passing confidential boardroom information to now jailed hedge-fund manager Raj Rajaratnam.

In May, Gupta&#39;s team of lawyers had argued in papers before the Second Circuit Court of Appeals that the judgement of the Manhattan district court finding Gupta guilty of insider trading &quot;should be reversed&quot; and his &quot;conviction should be vacated&quot;.

Gupta&#39;s appeal comes on the back of a ruling by the Manhattan appeals court that for an insider trading conviction prosecutors must show that a defendant received a personal benefit for passing illegal tips. Gupta&#39;s lawyers have cited the ruling that led to the reversal of insider convictions of hedge-fund managers Todd Newman and Anthony Chiasson in December, 2014.

In fresh court papers following the verdict in Salman&#39;s case, Gupta said there is &quot;a fatal inconsistency&quot; and he was &quot;substantially prejudiced by the invalid theory of benefit pursued at trial; and that his entitlement to relief is in no way affected&quot; by the verdict in the Salman case.

&quot;The issue on this appeal is whether the government&#39;s benefit theory (that Gupta tipped to maintain a good relationship with Rajaratnam), and the district court&#39;s instruction that the benefit could be modest, intangible and non-financial, are fatally inconsistent with Newman&#39;s quid pro quo requirement: an exchange of a tip for a benefit that is &#39;objective, consequential, and at least potentially pecuniary&#39;,&quot; Gupta&#39;s lawyers said in court papers.

The government said Gupta&#39;s appeal lacked merit even under the Newman ruling and the Salman verdict &quot;confirms the validity of the District Court&#39;s jury instructions and thus defeats Gupta&#39;s claim of error at the outset&quot;.

(PTI)

Ruling hinges on whether sharing corporate secrets is illegal, even if the insider providing the tip doesn't receive anything of value

India-born former Goldman Sachs director Rajat Gupta, who is arguing in appeal that the government lacked evidence to show he "received even a penny" for passing insider information, has disagreed with a US Supreme Court ruling that sharing corporate secrets is illegal even if the tipsters did not receive anything in return. In a landmark ruling earlier this month relating to the insider trading conviction of Illinois resident Bassam Yacoub Salman, the Supreme Court unanimously ruled that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn't receive anything of value in return. 68-year-old Gupta is a free man now after completing a prison term on insider trading charges but is not giving up his legal battle to overturn his conviction, arguing that he served two years in jail for conduct that is not criminal even though the government lacked evidence to show he "received even a penny" for passing confidential boardroom information to now jailed hedge-fund manager Raj Rajaratnam. In May, Gupta's team of lawyers had argued in papers before the Second Circuit Court of Appeals that the judgement of the Manhattan district court finding Gupta guilty of insider trading "should be reversed" and his "conviction should be vacated". Gupta's appeal comes on the back of a ruling by the Manhattan appeals court that for an insider trading conviction prosecutors must show that a defendant received a personal benefit for passing illegal tips. Gupta's lawyers have cited the ruling that led to the reversal of insider convictions of hedge-fund managers Todd Newman and Anthony Chiasson in December, 2014. In fresh court papers following the verdict in Salman's case, Gupta said there is "a fatal inconsistency" and he was "substantially prejudiced by the invalid theory of benefit pursued at trial; and that his entitlement to relief is in no way affected" by the verdict in the Salman case. "The issue on this appeal is whether the government's benefit theory (that Gupta tipped to maintain a good relationship with Rajaratnam), and the district court's instruction that the benefit could be modest, intangible and non-financial, are fatally inconsistent with Newman's quid pro quo requirement: an exchange of a tip for a benefit that is 'objective, consequential, and at least potentially pecuniary'," Gupta's lawyers said in court papers. The government said Gupta's appeal lacked merit even under the Newman ruling and the Salman verdict "confirms the validity of the District Court's jury instructions and thus defeats Gupta's claim of error at the outset". (PTI)

India-born ex Goldman Sachs director fights US Supreme Court's insider trading ruling

The new head of Sri Lanka&#39;s central bank Indrajit Coomaraswamy pledged on Monday to uphold its credibility after allegations of insider dealing that forced his predecessor to leave. 
 
Sri Lanka&#39;s president bowed to pressure to replace Arjuna Mahendran after he was accused of leaking information to his son-in-law&#39;s firm, which allegedly made millions of dollars in profits from central bank bond auctions. 
 
The scandal came with Sri Lanka&#39;s economy under stress -- last month the country began receiving a $1.5 billion bailout from the International Monetary Fund. 
 
On Monday Coomaraswamy told staff the bank was &quot;one of the great institutions in this country&quot;. 
 
&quot;I am acutely aware that a primary responsibility, arguably the primary responsibility of the governor, is to uphold this reputation and credibility,&quot; said the 66-year-old former director of economic affairs at the Commonwealth Secretariat, an intergovernmental agency of&nbsp;Commonwealth countries in London. 
 
&quot;I can assure you that I will do my utmost to do so at all times.&quot; 
 
Mahendran, a Singaporean national of Sri Lankan origin, has consistently maintained his innocence and had indicated he wanted to stay on after his term expired on June 30. 
 
But a group of Sri Lankan academics and professionals had gone to court to demand action against him and the government decided not to keep him on. 
 
The new bank chief also promised to work independently following allegations that the office of the governor had become politicised in recent years. 
 
&quot;When I met the president he just told me one thing - &#39;Do your work in a straight way and do not fear anybody in discharging your duties&#39;. My intention is to follow his direction,&quot; Coomaraswamy told his staff. 
 
He said he wanted to ensure strong macro economic fundamentals to win the confidence of people both in and outside the country. 
 
(AFP)

'I can assure you that I will do my utmost to do so at all times,' the chief said

The new head of Sri Lanka's central bank Indrajit Coomaraswamy pledged on Monday to uphold its credibility after allegations of insider dealing that forced his predecessor to leave. Sri Lanka's president bowed to pressure to replace Arjuna Mahendran after he was accused of leaking information to his son-in-law's firm, which allegedly made millions of dollars in profits from central bank bond auctions. The scandal came with Sri Lanka's economy under stress -- last month the country began receiving a $1.5 billion bailout from the International Monetary Fund. On Monday Coomaraswamy told staff the bank was "one of the great institutions in this country". "I am acutely aware that a primary responsibility, arguably the primary responsibility of the governor, is to uphold this reputation and credibility," said the 66-year-old former director of economic affairs at the Commonwealth Secretariat, an intergovernmental agency of Commonwealth countries in London. "I can assure you that I will do my utmost to do so at all times." Mahendran, a Singaporean national of Sri Lankan origin, has consistently maintained his innocence and had indicated he wanted to stay on after his term expired on June 30. But a group of Sri Lankan academics and professionals had gone to court to demand action against him and the government decided not to keep him on. The new bank chief also promised to work independently following allegations that the office of the governor had become politicised in recent years. "When I met the president he just told me one thing - 'Do your work in a straight way and do not fear anybody in discharging your duties'. My intention is to follow his direction," Coomaraswamy told his staff. He said he wanted to ensure strong macro economic fundamentals to win the confidence of people both in and outside the country. (AFP)

Sri Lanka's new central bank chief to 'uphold credibility'

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Trump's $100K Truth Social API Sparks Insider Trading Fears | Can Presidential Posts Be Sold?

Trump's $100K Truth Social API Sparks Insider Trading Fears | Can Presidential Posts Be Sold?

Trump suspends teleprompter operator over Kalshi betting allegations, White house says

US-Iran War: Millions Made from Well-Timed Trump Policy Bets | World Business Watch

Insider trading suspicions after Trump’s Iran U-turn trigger market shock

Did insider trading fuel $400K profit on Polymarket?

Gravitas | US: Man eavesdropped on wife’s work calls charged with insider trading

Three charged in insider trading case related to Trump media, accused of making $22 million

SEBI scans Facebook profiles; finds evidence in 'insider trading' case

India-born ex Goldman Sachs director fights US Supreme Court's insider trading ruling

Sri Lanka's new central bank chief to 'uphold credibility'