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Three indicted as insider trading investigation expands years after Shaw deal

6 years 7 months 2 weeks ago Wednesday, July 12 2017 Jul 12, 2017 July 12, 2017 2:58 PM July 12, 2017 in News
Source: WBRZ
Workers remove the letters S-H-A-W from the side of its former headquarters on Essen after Shaw was acquired by CB&I.

BATON ROUGE – Three more people have been implicated in insider trading plots related to the acquisition of Baton Rouge-based Shaw Group in 2012.

Wednesday, federal authorities announced Kelly Liu, 31, Salvador Russo, 34, and Victory Ho, 38, were indicted and accused of breaking various laws dealing with securities fraud.

Prosecutors said Liu was a Shaw employee working in the finance sector and had knowledge of an upcoming merger with CB&I. Authorities said Liu passed the information on to her boyfriend, Russo, and Ho who purchased Shaw securities. Russo held his purchase and Ho sold his after a deal between the two companies was announced.

According to information released Wednesday, Ho made $294,000, and Russo made $2,500 in “unrealized profits… from their illegal insider trading activities.”

A few years ago, three others were implicated in what appears to be a separate scheme. Related to that case, Scott Zeringue, a vice president at Shaw, pleaded guilty to insider trading charges in June 2014. Jesse Roberts and Billy Adcox are awaiting trial. 


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