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Securities
News
Federal Authorities Seeking Fugitive
The United States Attorney’s Office today announced that FRANK R.V. LOOMANS, 37, of Atlanta, Georgia, formerly manager of investor relations for Cox Communications, Inc. ("Cox"), is considered a fugitive, following his indictment for conspiracy, insider trading, false statements to the U.S. Securities and Exchange Commission ("SEC") and obstruction of a federal securities fraud investigation. LOOMANS is being sought by federal authorities.
“Mr. Loomans is well aware of the charges against him, which include insider trading by a corporate official and obstruction of justice,” said David E. Nahmias, United States Attorney for the Northern District of Georgia. “We have not been able to extradite Mr. Loomans from his native Belgium, but he should be on notice--as should the public and others who may encounter him--that he will remain a fugitive subject to arrest until he comes to federal court to face justice. The business community and the public should contact the FBI if they have any information."
According to Nahmias and the indictment: Between May 1999 and February 2002, LOOMANS, a Belgian citizen, was employed by Cox in Atlanta, Georgia, first as a financial analyst in Cox's treasury department and then as manager of finance, where he served on Cox's investor relations staff. As a manager on Cox's investor relations staff, LOOMANS had access to highly sensitive business information, including drafts of Cox's quarterly financial statements and earnings releases, which he helped prepare, and proposed business transactions involving Cox and other publicly-traded companies. Read more at usdoj.gov.
Definition:
Interest deemed to be earned on a security but not yet paid to the investor.
Ponzi Scheme
Definition:
Named after Charles Ponzi, a man with a remarkable criminal career in the early 20th century, the term has been used to describe pyramid arrangements whereby an enterprise makes payments to investors from the proceeds of a later investment rather than from profits of the underlying business venture, as the investors expected, and gives investors the impression that a legitimate profit-making business or investment opportunity exists, where in fact it is a mere fiction.
Accommodation Trading
Definition:
Non-competitive trading entered into by a trader, usually to assist another with illegal trades.
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