SEC Probes Stock Sales by SocGen Insider

Latest twist, or coincidence?

Via Dow Jones Newswire:

The U.S. Securities and Exchange Commission is investigating sales of stock by Societe Generale board member and American investor Robert A. Day and two foundations associated with him, people familiar with the matter say. The U.S. attorney in Brooklyn, N.Y., has opened a criminal probe related to the bank, according to one person familiar with the matter, although its precise focus wasn’t immediately clear.

Day, investment manager with U.S.-based Trust Co. of the West, and the foundations sold about $140 million of Societe Generale stock approximately two weeks before the bank notified its board about the billions of trading losses.

Either way, no surprise.