SEC loses Potash insider trading case

Necessary cookies
Name	Hostname	Path	Expiry	Tags
_pk_id.*	www.miningnews.net	/	393 days
Used by Matomo to store a few details about the user such as the unique visitor ID
_ga	.miningnews.net	/	400 days
Contains a unique identifier used by Google Analytics to determine that two distinct hits belong to the same user across browsing sessions.
_gid	.miningnews.net	/	1 day
Contains a unique identifier used by Google Analytics to determine that two distinct hits belong to the same user across browsing sessions.
_fbp	.miningnews.net	/	90 days
Facebook Pixel advertising first-party cookie. Used by Facebook to track visits across websites to deliver a series of advertisement products such as real time bidding from third party advertisers.
__cf_bm	.hubspot.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
random_token	www.miningnews.net	/	400 days
access_type	www.miningnews.net	/	Session
access_denied	www.miningnews.net	/	Session
_gcl_au	.miningnews.net	/	90 days
Used by Google AdSense to understand user interaction with the website by generating analytical data.
__hstc	.miningnews.net	/	180 days
This cookie name is associated with websites built on the HubSpot platform. This is the main cookie for tracking visitors. It contains the domain, utk, initial timestamp (first visit), last timestamp (last visit), current timestamp (this visit), and session number (increments for each subsequent session).
hubspotutk	.miningnews.net	/	180 days
This cookie name is associated with websites built on the HubSpot platform. This cookie is used to keep track of a visitor's identity. This cookie is passed to HubSpot on form submission and used when deduplicating contacts.
__hssrc	.miningnews.net	/	Session
This cookie name is associated with websites built on the HubSpot platform. Whenever HubSpot changes the session cookie, this cookie is also set to determine if the visitor has restarted their browser. If this cookie does not exist when HubSpot manages cookies, it is considered a new session.
__hssc	.miningnews.net	/	1 hour
This cookie name is associated with websites built on the HubSpot platform. This cookie keeps track of sessions. This is used to determine if HubSpot should increment the session number and timestamps in the __hstc cookie. It contains the domain, viewCount (increments each pageView in a session), and session start timestamp.
_ga_*	.miningnews.net	/	400 days
Contains a unique identifier used by Google Analytics 4 to determine that two distinct hits belong to the same user across browsing sessions.
__cf_bm	.js.ubembed.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
cookiehub	.miningnews.net	/	365 days
Used by CookieHub to store information about whether visitors have given or declined the use of cookie categories used on the site.
_cfuvid	.hubspot.com	/	Session	3rd party
Used by Cloudflare WAF to distinguish individual users who share the same IP address and apply rate limits
_wps2023_session	www.miningnews.net	/	Session
ep201	.wufoo.com	/	1 hour	3rd party
_splunk_rum_sid	aspermontuk.wufoo.com	/	1 hour	3rd party
_pk_ses.*	www.miningnews.net	/	1 hour
Short lived cookies used by Matomo to temporarily store data for the visit
_gat_*	.miningnews.net	/	1 hour
Used by Google Analytics to throttle request rate (limit the collection of data on high traffic sites)
UserMatchHistory	.linkedin.com	/	30 days	3rd party
Contains a unique identifier used by LinkedIn to determine that two distinct hits belong to the same user across browsing sessions.
AnalyticsSyncHistory	.linkedin.com	/	30 days	3rd party
Used by LinkedIn to store information about the time a sync with the lms_analytics cookie took place for users in the Designated Countries
bscookie	.www.linkedin.com	/	365 days	3rd party
Used by the social networking service, LinkedIn, for tracking the use of embedded services.
_cfuvid	.hsforms.com	/	Session	3rd party
Used by Cloudflare WAF to distinguish individual users who share the same IP address and apply rate limits
__cf_bm	.hsforms.net	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hsforms.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
YSC	.youtube.com	/	Session	3rd party
This cookie is set by YouTube video service on pages with YouTube embedded videos to track views.
VISITOR_INFO1_LIVE	.youtube.com	/	180 days	3rd party
Set by YouTube and used for various purposes, including analytical and advertising.
VISITOR_PRIVACY_METADATA	.youtube.com	/	180 days	3rd party
__cf_bm	.hs-scripts.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hsadspixel.net	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hs-analytics.net	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hs-banner.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hs-sites.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hsappstatic.net	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.hubspotusercontent-na1.net	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.
__cf_bm	.d6b07ab580ee4097b04bbf7de7b940b8.pages.ubembed.com	/	1 hour	3rd party
The __cf_bm cookie supports Cloudflare Bot Management by managing incoming traffic that matches criteria associated with bots. The cookie does not collect any personal data, and any information collected is subject to one-way encryption.

Preferences
Name	Hostname	Path	Expiry	Tags
SNID	snid.snitcher.com	/	400 days	3rd party
bcookie	.linkedin.com	/	365 days	3rd party
This is a Microsoft MSN 1st party cookie for sharing the content of the website via social media.
lidc	.linkedin.com	/	1 day	3rd party
Used by LinkedIn for routing.
li_gc	.linkedin.com	/	180 days	3rd party
Used by LinkedIn to store consent of guests regarding the use of cookies for non-essential purposes

Marketing cookies
Name	Hostname	Path	Expiry	Tags
__Secure-ROLLOUT_TOKEN	.youtube.com	/	180 days	3rd party

Only this time it was the US Securities and Exchange Commission that has come off second-best after failing to prove a civil insider trading charge against a savvy Spain-based investor, who took the unusual step of travelling to the US to fight the charges.

Judge Marvin E Aspen concluded the SEC could not establish 37-year-old Luis Martin Caro Sanchez, who resides in Madrid, received confidential information about a takeover offer for Potash Corp in 2010, a few days before the company was approached by BHP, which sent its shares up nearly $C30.

The SEC argued Sanchez purchased out-of-the-money call options in August of that year which provided him with a 1000% return on his investment after the announcement.

He purchased just shy of 50,000 euros worth of Potash call options which generated a profit of around 576,000 after the announcement was made.

The SEC was quick to respond, filing a lawsuit only three days after Potash’s announcement of the BHP offer and freezing the accounts of Sanchez and another Spanish investor, Juan Jose Fernandez Garcia.

At the time, Garcia was also head of the European equity derivatives division of Spanish bank Banco Santander, which advised BHP on its Potash offer.

The latter settled with the SEC in April last year, while Sanchez took his fight to the US.

He denied knowing Garcia or anyone else connected with the transaction, placing the emphasis back on the SEC which was unable to prove who might have been the source of the alleged leaked information.

Sanchez claimed he bought the call options based on his own research which led to an “intuition” about Potash as a sound investment opportunity.

In his deposition, Sanchez explained his choice to buy call options, rather than the underlying security, as an attempt to increase the risk level of his overall portfolio.

In handing down his ruling, Judge Aspen found the SEC theorised Sanchez was informed of some unidentified information related to the proposed acquisition, at an unidentified time, by an unidentified insider and traded on this unidentified information.

“While insider trading can be established through circumstantial evidence, there needs to be more than just suspicious transactions, even when it results in a profit of 10 times the initial investment in less than a week,” Aspen said according to court transcripts.

ABOUT

SOLUTIONS

LEGAL

SOCIAL

CAPITAL MARKETS

SEC loses Potash insider trading case

TOPICS:

FROM OUR PARTNERS

RESOURCE STOCKS

Horizon Minerals: Black Swan Plant Refurbishment, Strategy, and Efficiency

RESOURCE STOCKS

Firetail Resources: Skyline's Growth & Investor Insights

MINERS

No raise, no sale: MinRes rebuffs rumour mill

M&A

Creasy backs Robe River over Fenix as potential CZR bidding war unfolds

CAPITAL MARKETS

Minerals 260 hit by selling on ASX return

CAPITAL MARKETS

New gold record after rollercoaster week for ASX miners

RESEARCH

Premium subscribers only

View more

MiningNews.net Research Report 2025

Mining Journal Intelligence: Investor Sentiment Report 2025

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

THE ASPERMONT BRAND PORTFOLIO

Login

Not a Subscriber?

Subscribe Now

ABOUT

SOLUTIONS

LEGAL

SOCIAL

SEC loses Potash insider trading case

RELATED ARTICLES

TOPICS:

< PREVIOUS ARTICLE

NEXT ARTICLE >

Get the Mining News Newsletter delivered free each day

THE ASPERMONT BRAND PORTFOLIO

Login

Not a Subscriber?