Not to mention father of the year and buddy for life.
Chen Tang, a former CFO of a private equity fund in San Francisco, is being accused of running an insider trading ring that includes friends, relatives, and his two daughters, aged 9 and 11.
Allegedly the ring made off with $8 million trading on non-public information related to Tempuc-pedic International, Inc. and Acxiom Corporation.
Tang’s daughters are considered relief defendants, as trades were carried out in brokerage accounts opened in their names. Personally we’d like to see them charged as the masterminds in this case but nothing in the complaint indicates that they knew anything about the scam.
The SEC stays on a roll with this latest bust, however this is the first case that we’ve heard of that includes minors (but still probably have maturity levels that are above Mark Cuban’s). The SEC obviously has to maintain the blind justice concept, so no mercy will be shown on the two pre-teens who probably spent the money on Miley Cyrus tickets.
The SEC’s latest haul includes two kids, aged 9 and 11… [FT Alphaville]
SEC Charges Former CFO and Six Relatives and Friends in California-Based Insider Trading Ring [SEC Press Release]
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Mermaid Greeters, Awesome Party Favors Potentially at Risk as Tyco Names Outsider as New CFO
This past summer we learned that Tyco was still throwing epic parties, despite the best efforts of rank and file accountant Jeff Weist, who couldn’t fathom how scantily-clad mermaids, pirates, wenches, a tattoo artist, fire breather, among other things were legitimate business expenses.
Jeff claimed in a lawsuit that he was fired, more or less, for his integrity and trying to keep Tyco out of trouble, again.
Fast-forward to present day and Christopher Coughlin is retiring as Tyco’s CFO. Rather than promote someone from the inside, presumably letting the good times continue (tone at the top is everything, yo know), the company has appointed Eastman Kodak CFO Frank Sklarsky to take over effective December 1.
Now, if you’re a Tyco employee that happens to be on a regular on these legendary ragers, you’ve got to be concerned. Years of debauchery in exotic locales could be coming to an abrupt halt (right before the holidays!) if the transition doesn’t go right.
However, there is a ray of hope, “Coughlin, 58, who has been Tyco chief financial officer since 2005, will advise the company on some projects until his retirement in 2011.”
So it appears that Chris will have to explain “how we do things at Tyco” to Frank before he hangs it up. Judging by how things have gone at Kodak for the last few years, Sklarsky is probably thrilled to be out of there and maybe willing to play ball the Tyco way. Think of the mermaids, Frank.
Tyco Int’l hires CFO away from Kodak [Reuters]
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