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Securities
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Federal Authorities Seeking Fugitive
The United States Attorney’s Office today announced that FRANK R.V. LOOMANS, 37, of Atlanta, Georgia, formerly manager of investor relations for Cox Communications, Inc. ("Cox"), is considered a fugitive, following his indictment for conspiracy, insider trading, false statements to the U.S. Securities and Exchange Commission ("SEC") and obstruction of a federal securities fraud investigation. LOOMANS is being sought by federal authorities.
“Mr. Loomans is well aware of the charges against him, which include insider trading by a corporate official and obstruction of justice,” said David E. Nahmias, United States Attorney for the Northern District of Georgia. “We have not been able to extradite Mr. Loomans from his native Belgium, but he should be on notice--as should the public and others who may encounter him--that he will remain a fugitive subject to arrest until he comes to federal court to face justice. The business community and the public should contact the FBI if they have any information."
According to Nahmias and the indictment: Between May 1999 and February 2002, LOOMANS, a Belgian citizen, was employed by Cox in Atlanta, Georgia, first as a financial analyst in Cox's treasury department and then as manager of finance, where he served on Cox's investor relations staff. As a manager on Cox's investor relations staff, LOOMANS had access to highly sensitive business information, including drafts of Cox's quarterly financial statements and earnings releases, which he helped prepare, and proposed business transactions involving Cox and other publicly-traded companies. Read more at usdoj.gov.
Definition:
A strategy involving the simultaneous purchase and sale of identical or equivalent commodity futures contracts or other instruments across two or more markets in order to benefit from a discrepancy in their price relationship. In a theoretical efficient market, there is a lack of opportunity for profitable arbitrage. See Spread.
Hedge Exemption
Definition:
An exemption from speculative position limits for bona fide hedgers and certain other persons who meet the requirements of exchange and CFTC rules.
Allowances
Definition:
The discounts (premiums) allowed for grades or locations of a commodity lower (higher) than the par (or basis) grade or location specified in the futures contract. See Differentials.
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