Goldman Banker Arrested Over Insider Trading Allegations

www.bloomberg.com/news/articles/2019-10-19/goldman-banker-arrested-over-u-s-insider-trading-allegations

Bryan Cohen, a vice president, leaked nonpublic information for almost three years in exchange for cash as part of an international insider trading scheme that led to $2.6 million in illicit gains, according to a separate complaint from the U.S. Securities and Exchange Commission that didn’t identify his employer.

The accusations are the third insider-trading allegations lodged by U.S. prosecutors against a Goldman banker in the past 18 months.

The complaint offers a detailed view of how the alleged scheme unfolded. For example, shortly after Cohen moved to New York, Buffalo Wild Wings contacted Goldman to help as the Minneapolis-based casual dining chain was approached by Arby’s Restaurant Group Inc. Cohen was made aware of the potential acquisition the same day, Oct. 17, 2017. Nikas purchased 22,000 Buffalo Wild Wings shares between Oct. 20 and Oct. 27 for $2.5 million, selling 9,000 of them by Nov. 1 for an initial profit of $79,074.