Saturday, 20 October 2018

Stock probe dropped against Villalonga

By Matt Spetalnick, Reuters
Thursday 03 August 00

Spain's stock market regulators dropped an insider trading case against former Telefonica Chairman Juan Villalonga on Wednesday after an investigation that helped force his resignation last week. The National Securities Market Commission (CNMV) said there was not enough evidence to prove that Villalonga, architect of the telecoms company's global expansion, acted illegally when he profited from a 1998 stock options trade. "The facts and circumstances that have emerged in this investigation do not constitute sufficient evidence to justify a penalty proceeding for improper use of privileged information…

Spain's stock market regulators dropped an insider trading case against former Telefonica Chairman Juan Villalonga on Wednesday after an investigation that helped force his resignation last week. The National Securities Market Commission (CNMV) said there was not enough evidence to prove that Villalonga, architect of the telecoms company's global expansion, acted illegally when he profited from a 1998 stock options trade. "The facts and circumstances that have emerged in this investigation do not constitute sufficient evidence to justify a penalty proceeding for improper use of privileged information…

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