Bank Analyst Settles Inside-Trading Charge

CHICAGO (CN) - A former Banco Santander analyst in Madrid will pay $625,000 to settle inside-trading charges, the SEC said Monday.

The SEC sued Juan Jose Fernandez Garcia in August 2010, claiming used inside information to trade in shared of a takeover target involving a client Santander advised: BHP Billiton's offer to acquire Potash Corp. of Saskatchewan. Fernandez made $576,033 from the illegal trade, the SEC said.

The settlement requires approval from a federal judge in Chicago.

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