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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.
Variation Margin: Payment made on a daily or intraday basis
Variation Margin: Payment made on a daily or intraday basis by a clearing member to the clearing organization based on adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
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Definition:
(1) A strategy involving the simultaneous purchase and sale of options of the same class and expiration date, but different strike prices. In a bear spread, the option that is purchased has a lower delta than the option that is bought. For example, in a call bear spread, the purchased option has a higher exercise price than the option that is sold. Also called Bear Vertical Spread. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a decline in prices but at the same time limiting the potential loss if this expectation does not materialize.
Equity
Definition:
As used on a trading account statement, refers to the residual dollar value of a futures or option trading account, assuming it was liquidated at current prices.
Aggregation
Definition:
The principle under which all futures positions owned or controlled by one trader (or group of traders acting in concert) are combined to determine reporting status and compliance with speculative position limits. See CFTC Backgrounder: Speculative Limits, Hedging, and Aggregation.
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