Barclays Bank

New York, NY: (May-30-07) The US Securities and Exchange Commission filed a securities fraud suit against Barclays Bank, alleging that the bank and a former trader for the bank engaged in securities fraud through a pattern of insider trading. The SEC alleged in a civil complaint filed in US District Court in Manhattan that Barclays and Steven Landzberg, a former proprietary trader for Barclays' US Distressed Debt Desk, illegally traded millions of dollars of bond securities over an 18-month period. In a settlement reached, Barclays Bank has agreed to pay $10.9 million and Steven Landzberg agreed to pay $750,000 to settle SEC charges. [TIMES ONLINE: INSIDER TRADING]

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Published on May-31-07