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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.
Settlement Price: The daily price at which the clearing organization clears all trades
Settlement Price: The daily price at which the clearing organization clears all trades and settles all accounts between clearing members of each contract month. Settlement prices are used to determine both margin calls and invoice prices for deliveries. The term also refers to a price established by the exchange to even up positions which may not be able to be liquidated in regular trading.
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Definition:
Non-competitive trading entered into by a trader, usually to assist another with illegal trades.
Accrued interest
Definition:
Interest deemed to be earned on a security but not yet paid to the investor.
Systemic Risk
Definition:
The risk that a default by one market participant will have repercussions on other participants due to the interlocking nature of financial markets. For example, Customer A’s default in X market may affect Intermediary B’s ability to fulfill its obligations in Markets X, Y, and Z.
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