Skip to content
  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
wikifx

wikifx

  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
  • Toggle search form
  • Saxo Bank equity trading volumes soar in December, as FX wanes forex news
  • Binance restricts Australian clients from opening new options accounts forex news
  • FX week in review: Trading 212 capital raise, Libertex suspended, Usain Bolt, executive moves forex news
  • Citadel leans on SEC report in short squeeze trading lawsuit forex news
  • Saxo Bank presents Outrageous Predictions 2022: Here comes a revolution! forex news
  • Michael Warren joins Ripple BoD forex news
  • Swissquote adds Solana to its crypto offering forex news
  • PRA fines Metro Bank £5.4M for reporting and controls failures forex news

Trial of former Nomura trader James Im gets postponed until 2022

Posted on 2021-09-15 By admin No Comments on Trial of former Nomura trader James Im gets postponed until 2022

The trial in the case brought by the Securities and Exchange Commission (SEC) against former Nomura trader James Im is set to be postponed. This becomes clear a brief order entered by Judge J. Paul Oetken of the New York Southern District Court.

The order, signed on September 14, 2021, states that, as a result of courthouse restrictions due to the Covid-19 pandemic and the backlog of criminal trials, the trial in this case, previously scheduled for December 6, 2021, will have to be rescheduled to 2022.

The SEC brought this action against James H. Im, co-head of the commercial mortgage-backed securities (CMBS) trading desk for Nomura Securities International. The SEC claims that Im committed securities fraud by providing false or misleading information to prospective buyers or sellers of mortgage bonds.

As a CMBS trader, Im facilitated transactions between investors seeking to buy and sell mortgage bonds. To maximize profits for Nomura, Im, like other CMBS traders, sought “to buy bonds at the lowest price an investor will accept” and then to sell those bonds “at the highest price [another] investor will pay.”

The SEC’s claims revolve around the manner in which Im allegedly sought to do this. The SEC highlights seven transactions, dating from 2010 through 2014, in which it contends that Im misrepresented whether and at what price Nomura had bought or could sell bonds.

Im concedes that, in six of these transactions, he inflated the price at which Nomura had purchased a bond or pretended that Nomura was still trying to purchase a bond when it in fact had already purchased the bond at a favorable price.

Im does not concede that he lied to facilitate the April 26, 2010 transaction highlighted by the SEC. In that transaction, an investor asked Im if Nomura would purchase a particular bond at a price of 13. Im replied that Nomura had received a bid of 11.5 for the bond and suggested that he “maybe [could] get [the bidder] up slightly more but 13 prob not gonna work.” Within a minute of Im’s citing the 11.5 bid, the investor agreed to sell the bond to Nomura for 11. Later that same day, Nomura sold the bond to the bidder for 12.25, securing 1.25 points in profit.

In negotiating to buy the bond, Im neglected to inform the investor that on the previous trading day, the bidder had told Im’s colleagues that he could “probably get to 12” and discussed a bid price of 12.5. Im and the SEC dispute the significance of the bidder’s earlier discussion with Im’s colleagues.

The SEC estimates that, among its seven highlighted transactions, Im’s acknowledged and supposed misrepresentations generated an additional $366,743 in profits for Nomura.

Although Im’s compensation at Nomura was not linked to his individual performance as a trader, it was linked to the overall performance of Nomura’s CMBS trading desk. And under Im’s leadership, the trading desk exceeded its revenue goals, in one year earning $36 million in revenue when Nomura hoped to earn between $25 and $30 million. From 2010 to 2014, the time period in which Im undertook the seven transactions, Im received a cumulative $3.79 million in discretionary bonuses.

Im disputes whether his statements generated additional profits for Nomura and thus additional compensation for himself.

Based primarily on the factual dispute as to whether his statements generated additional profits, Im filed a motion to dismiss the SEC’s claims in 2017. The Court denied the motion.

forex news Tags:forex-news

Post navigation

Previous Post: Saxo Group – India marks another milestone in its growth journey
Next Post: Monex launches OTC US stock trading services

Related Posts

  • SEC charges consulting firm partner with insider trading in advance of GreenSky deal forex news
  • Nigerian Multi-Asset Broker Kwakol Markets to Participate at the iFX EXPO Dubai 2022 forex news
  • IG offers new ETFs providing exposure to space and travel industries forex news
  • New Jersey regulator orders BlockFi to stop offering interest-bearing accounts forex news
  • Beware! vonway is an offshore broker! Your investment may be at risk. forex news
  • CFTC imposes $3.25M fine on ED&F Man Capital Markets forex news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • EUR/USD Holds Near 1.05 as Fed, ECB Policies Shape Market Sentiment
  • Gold Prices Hold Steady Amid Global Economic Uncertainty
  • Australian Dollar: How RBA Policies, Commodity Prices, and Global Tensions Are Shaping the AUD’s Market Performance
  • EUR/USD: Understanding the Currency Pair’s Trends
  • USD Under Pressure: Navigating Economic Data and Global Uncertainties

TAG

Axiory Review 2022 B2B B2Broker News Basic Forex Knowledge broker brokers brokers in the UK Brokersview Broker tools CFDs coin News cryptocurrency Cryptocurrency News Crypto News dogecoin FCA news finance forex forex-news Forex Broker Forex Brokers Forex Demo Account Forex market forex news forex scams forex time Forex trading fx fxtrader fxtrading Global Forex Gold Analysis HotForex InstaForex LiteForex Review 2022 markets work MT4 MT5 news OctaFX Review Samtrade FX South Africa trade Forex traders Trading Forex
  • DigitalX appoints Lisa Wade as CEO forex news
  • Equiduct selects big xyt for data analytics forex news
  • 8 key factors affecting foreign exchange rate forex news
  • CME Group to launch Micro-Sized Bitcoin and Ether Options forex news
  • Keep Silence to FX Scams? NO! These Scams Need to Know forex news
  • Compagnie Financière Tradition registers growth in revenue in Q4 2021 forex news
  • Schroders appoints Henrik Zeffer as Senior Client Director forex news
  • Nordea names Mark Kandborg its new Chief Risk Officer forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme