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Securities Regulation Keyed to Coffee
SEC v. Banca Della SvizzeraItaliana
Facts
An action was filed by the SEC against BSI and its foreign principals for insider trading in call options. On the Philadelphia Stock Exchange the options were traded for the stock of the New York Stock Exchange traded, St. Joe Minerals Corp. (St. Joe). Immediately preceding a tender offer by a subsidiary of Joseph E. Seagram & Sons, Inc., the purchases of all common stock of St. Joe for $45 (vs. $30 a share pre-announcement) a share were made. BSI’s transactions in their options brought profits nearing $2 million overnight and because of this undue activity, caught the eye of the SEC, an investigation ensued and due to its findings, brought suit. The SEC procured a temporary restraining order requiring that "insofar as permitted by law," BSI needs to disclose the identity of its principles; the SEC tried to attain the identities in various ways but no disclosure was provided and BSI adhered to its avowal of the banking secrecy law. In conclusion, harsh contempt sanctions were threatened by the court if the SEC interrogatories remained unanswered and in response, BSI procured a waiver of Swiss confidentiality laws and answered some of the interrogatories.
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