SEC Charges Two Traders in Spain with Insider Trading

The SEC has charged Cedric Cañas Maillard, an executive advisor at Madrid-based Banco Santander S.A., and former Spanish judge Julio Marín Ugedo with trading non-public, material information.

Cañas's position in the bank alerted him to a proposed acquisition of Potash Corporation, a large producer of fertilizer minerals, to which he tipped Marín. The two were allegedly able to garner illegal profits totaling approximately $1 million.

See: SEC Press Release.