Home

Ex-Broker Charged for Using Insider Information in Burger King Takover
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The $4 billion purchase of Burger King by 3G Capital Partners was announced on September 2, 2010. According to Manhattan U.S. Attorney Preet Bharara, two men have been charged with making illegal trades. Today, federal prosecutors in New York charged former broker Waldyr Prado, 43, and Igor Cornelsen,65, a director of a British Virgin Islands investment firm, with executing illegal trades. Both men are Brazilian citizens.

In a statement, Manhattan U.S. Attorney Preet Bharara said Prado “misappropriated information” he learned from a client to trade in advance of 3G’s takeover of Burger King. Prado made $175,000 and Cornelsen raked in $1.4 million.

  
What
Where


According to Bloomberg, in 2012, Prado, who is also known as Waldyr Da Silva Prado Neto was sued by the Securities Exchange Commission. They identified him as a Wells Fargo & Co. (WFC) employee.  A spokesman for San Francisco based Wells Fargo said the bank “fully cooperated with the Sec and the U.S. Attorney in their investigation.

Prosecutors said Prado fled the U.S. one month after he was probed by the SEC and told his U.S.- based supervisor he was fleeing “because he believed that he was going to be charged with perjury and because Brazil didn’t have ‘an extradition policy.”It is sad to see exploitation of the fiduciary duty and of the trust of investors ruined by greed. Also- to knowingly plan for the contingency of the lack of an extradition plan is simply criminal.

image: BK.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid-level litigation attorney with experience taking/defending dep...

Apply Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a support attorney with some experience/familiarity with a litigatio...

Apply Now

Patent Prosecution Attorney

USA-MI-Northville

Northville office of our client seeks patent prosecution attorney with 5 years of experience. The ca...

Apply Now

Attorney

USA-WV-Wheeling

Wheeling office of our client seeks attorney preferably with 1-3 years of WV litigation experience. ...

Apply Now

RELEVANT JOBS

Attorney - Insurance Defense

USA-GA-Atlanta

Downtown litigation law firm seeks associate with 3 to 5 years of experience in insurance defense, i...

Apply now

Legal Secretary-Cannabis Law Firm

USA-MI-Lansing

Vora, PLLC. Is accepting applications for a Legal Secretary or Paralegal. We are a cannabis law firm...

Apply now

Paralegal- Cannabis Law Firm

USA-MI-Lansing

Vora, PLLC. Is accepting applications for a Paralegal or Legal Secretary. We are a cannabis law...

Apply now

Legal Administrative Assistant

USA-CA-Sacramento

Under the general direction of the supervising attorney(s) and according to established Firm policie...

Apply now

SEARCH IN ARCHIVE

To Top