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SEC freezes suspicious traders' assets

Case involves US$3.6m in illegal profits from investing in Fortress shares

Published Thu, Mar 2, 2017 · 09:50 PM

Washington

UNKNOWN traders made more than US$3.6 million in illegal profits by investing in shares and derivatives ahead of Softbank Group Corp's announcement last month that it would buy Fortress Investment Group LLC, according to US regulators.

The traders are believed to be overseas investors who used accounts outside the US, the Securities and Exchange Commission (SEC) said in a court filing. The SEC said that it won an emergency court order freezing the traders' assets.

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