An insider trading case involving SoftBank Group’s acquisition of Fortress Investment Group shouldn’t impact a proposal to build a $1.3 billion stadium in Oakland for the Raiders.
The Securities and Exchange Commission announced Wednesday it is freezing assets of those under suspicion of insider trading, a development that came a day after news that Fortress had submitted a formal stadium plan to NFL executives. No one from New York-based Fortress has been connected to the trading scheme.
According to a complaint filed by the SEC, the traders purchased Fortress stock on Feb. 14 and sold it the next day for profits totaling $3.