(Reuters) – U.S. authorities are investigating whether executives have been gaming prearranged stock-sale programs designed to thwart possible insider trading, Bloomberg News reported on Thursday citing people familiar with the matter.
The U.S. Securities and Exchange Commission and the Justice Department are concerned some people may be manipulating stock-sale programs, which are intended to shield executives from misconduct allegations by scheduling the transactions in advance, the report added.
The U.S. SEC and Justice Department did not immediately respond to Reuters’ requests for comment.
(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
