The origin of the SIRI insider trading questions?

Discussion in 'The Howard Stern Show' started by chuk, May 30, 2014.

  1. chuk

    chuk Well-Known Member

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    Go to about 5:29:00. RTLD bragged to Chauncey that he bought 10k shares of Sirius before the announcement.

    [video=youtube;ctdFeluQ974]https://www.youtube.com/watch?feature=player_detailpage&v=ctdFeluQ974#t=19 746[/video]
     
  2. chuk

    chuk Well-Known Member

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    Check, check. Is this thing on? Worst thread ever?
     
  3. Nemo

    Nemo Beer Can Thick Gold

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    The day that Howard announces that he has signed with Sirius he mentions several times how he had to keep it secret because of inside trading.

    Right now H100 is playing a segment that involves merger talk.....again mentioning that he knows nothing and has to be careful not to say the wrong thing...because of insider trading.

    "I'm the most honest honest man you will ever meet, Robin"
    :lol:
     
  4. skylarbrie

    skylarbrie VIP Extreme Gold

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    Prior to the public announcement of Howards move to Siri, Ronnie purchased a very large number of siri stock
     
  5. chuk

    chuk Well-Known Member

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    Yeah, that's exactly what I pointed out in my link. Thanks?
     
  6. Nemo

    Nemo Beer Can Thick Gold

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    I just listened to it.
    After the announcement Ronnie bought Sirius stock?
     
  7. chuk

    chuk Well-Known Member

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    No, he bought before. Stock was $7+ instantly after the announcement. Ronnie bought prior to it at $2.xx

    edit: I don't think it was quite $7, but it wasn't below $3 until years later. Ronnie most definitely bought with inside info. Who do you think drove him to Sirius building?
     
    Last edited: May 30, 2014
  8. Nemo

    Nemo Beer Can Thick Gold

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    :jj:

    is there any way to look back and see what the price was before the announcement....when the Mund man got it at $2?
     
  9. Nemo

    Nemo Beer Can Thick Gold

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    [video=youtube;eqacuuU6HBg]http://www.youtube.com/watch?v=eqacuuU6HBg[/video]
     
  10. chuk

    chuk Well-Known Member

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    Yes, very simple. Go here and look back to 2004:

    http://finance.yahoo.com/echarts?s=SIRI

    The big spike in 2004 was the announcement.
     
  11. chuk

    chuk Well-Known Member

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    "Is Howard Stern getting serious, I mean, Sirius? I'm told that Stern visited the offices of Sirius, the satellite radio company, late last week and talked about moving his show onto their system. This would be a brilliant answer to Stern's current problems since he was bounced from six of Clear Channel's major stations for "indecency" on Feb. 25."


    http://www.foxnews.com/story/2004/03/15/is-howard-stern-getting-sirius/
     
  12. chuk

    chuk Well-Known Member

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    The signing was made public on October 6th, 2004. The stock closed at $3.35 on Oct 5th. It didn't go below $3 again until 2008. Ronnie 100% bought with insider info.
     
  13. Nemo

    Nemo Beer Can Thick Gold

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  14. Wigward

    Wigward Well-Known Member

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    It was under $3 per share for nearly all of September 2004 and was priced at $2.65 per share on Sept 28th. After that date it was above $3 and rose the day of the anouncement. If Ronnie's buy-in was during Setember then that is pretty suspect.
     
  15. PelicanWig

    PelicanWig Beautiful Soup

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    how did he not get charged by the feds?
     
  16. Nemo

    Nemo Beer Can Thick Gold

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    Was Ronnie deposed at the time?
    a Stern accountant(?) got caught....right?
     
  17. chuk

    chuk Well-Known Member

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    Ronnie bought at $2.40. It was trading at $2.40 on August 27th, 2004. Right about when the negotiations would be hot and heavy.
     
  18. chuk

    chuk Well-Known Member

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    Chaunce Hayden, a gossip columnist for Steppin' Out Magazine and a regular on Stern's radio program, told CNN he received a subpoena on Friday from the SEC asking him to call the regulator's New York office to answer a question concerning insider trading of Sirius' shares.

    When Hayden called the SEC last Friday, he said, an SEC lawyer asked him who was present in Howard Stern's studio at the WXRK Infinity station on Oct. 6, 2004, when Stern made the on-air announcement that he would be leaving Viacom's Infinity Radio Network for Sirius.

    http://money.cnn.com/2005/02/21/news/newsmakers/stern/

    Funny, exactly the person that Ronnie was bragging about it to....
     
  19. Wigward

    Wigward Well-Known Member

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    SEC Charges Two with Insider Trading in Advance of Announcement of Howard
    Stern’s Sirius Deal



    FOR IMMEDIATE RELEASE
    2005-178



    Accountant and Radio Executive to Give up Ill-gotten Gains, Pay
    Penalties



    Washington, D.C., Dec. 19, 2005 — The Securities and Exchange
    Commission today announced that it filed and settled insider trading charges
    both against an accountant and a former executive of Sirius Satellite Radio,
    Inc. who illegally profited from advance knowledge of radio personality Howard
    Stern’s $500 million contract with Sirius. Without admitting or denying the
    SEC’s allegations, Gary D. Herwitz, a certified public accountant and former
    president of the accounting firm Mahoney Cohen & Company, agreed to pay
    $52,000, and former Sirius executive vice president Tracey A. Stanyer agreed to
    pay $35,000 to settle the Commission’s charges. The SEC’s complaint filed in
    federal court in Manhattan alleges that Herwitz purchased Sirius stock on
    September 30, 2004, after learning in confidence from a colleague at Mahoney
    Cohen, who is Stern’s longtime accountant, that Stern had received an offer from
    Sirius and that the parties were negotiating. The complaint alleges that Stanyer
    purchased Sirius stock on October 5, 2004, after learning in confidence from a
    senior Sirius executive that Sirius had signed an agreement with Stern. The
    contract was announced the next day.

    Mark K. Schonfeld, Director of the Commission’s Northeast Regional Office
    said, “It is particularly troubling when accountants or corporate executives,
    who are entrusted with confidential information, believe they can illegally
    trade on such information with impunity. This action demonstrates that illegal
    insider traders should expect a comprehensive and rigorous enforcement
    response.â€

    Specifically, the Commission’s complaint alleges the following:


    • On or about Sept. 21, 2004, Herwitz learned about the Sirius negotiations
      and contract offer in the course of his employment with Mahoney Cohen. Mahoney
      Cohen’s chief executive officer, who was also Stern’s long time personal
      accountant, told Herwitz that Stern was in negotiations with Sirius, that Sirius
      had made Stern an offer, and that he was working on the transaction. Herwitz’s
      colleague admonished him to keep the information confidential. On or about Sept.
      23, 2004, the Mahoney Cohen CEO again informed Herwitz that he was still working
      on the transaction between Sirius and Stern.
    • On Sept. 30, 2004, Herwitz purchased 25,000 Sirius shares at $3.19 a share.
      When Herwitz purchased Sirius shares on Sept. 30, 2004, he was aware of material
      nonpublic information about Sirius’s negotiations with, and offer to, Stern.
      Between Nov. 19, 2004, and Jan. 10, 2005, Herwitz sold 22,500 of those Sirius
      shares for a profit.
    • In early September 2004, Stanyer learned from a senior Sirius executive that
      company executives were in negotiations with Stern. Stanyer learned this
      information in connection with his corporate duties at Sirius and was
      specifically cautioned that the negotiations were confidential. On or about Oct.
      5, 2004, Stanyer learned from the same executive that Sirius had signed an
      agreement with Stern.
    • On Oct. 5, 2004, Stanyer purchased 29,120 Sirius shares at prices ranging
      between $3.28 and $3.32 a share. At the time of his purchase, he was aware of
      material nonpublic information about Sirius’s offer to Stern. On Oct. 7 and 8,
      2004, Stanyer sold his 29,120 Sirius shares for a profit.

    Herwitz and Stanyer have agreed to settle the Commission’s claims by
    consenting to the entry of separate judgments that permanently enjoin each of
    them from violating the antifraud provisions of the federal securities laws. The
    judgment against Herwitz also orders him to pay $18,163 to disgorge fully his
    profits plus prejudgment interest and to pay civil penalties in the amount of
    $34,000. Similarly, the judgment against Stanyer orders him to pay $17,897 to
    disgorge fully his profits plus prejudgment interest and to pay civil penalties
    in the amount of $17,357. The judgment against Stanyer also bars him from acting
    as an officer or director of a public company. This concludes the staff’s
    investigation of this matter.

    The Commission acknowledges the assistance and cooperation of the United
    States Attorney’s Office for the Eastern District of New York and the Federal
    Bureau of Investigation in this matter.

    Contacts: Mark K. Schonfeld (212) 336-1020
    Director, Northeast Regional
    Office

    Andrew M. Calamari (212) 336-0042
    Associate Director, Northeast Regional
    Office

    Robert J. Keyes (212) 336-0109
    Assistant Director, Northeast Regional
    Office
     
  20. Nemo

    Nemo Beer Can Thick Gold

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    [video=youtube;0fcXnIc_B3c]http://www.youtube.com/watch?v=0fcXnIc_B3c[/video]