Cedric Cañas Maillard, a former adviser to Banco Santander SA’s chief executive, has agreed to pay $1.92 million to settle a U.S. lawsuit that alleges he engaged in insider trading ahead of a proposed takeover of Potash Corpoation of Saskatchewan Inc. by mining group BHP Billiton Ltd in 2010, Reuters reports. Securities and Exchange Commission lawyer Timothy Leiman disclosed the deal in a teleconference at the federal court in New York on Friday.
In the settlement, which requires approval by U.S. District Judge Valerie Caproni, Cañas agreed to pay $960,806 in penalties and to disgorge an equal amount in ill-gotten gains. In April, three months after he was acquitted of criminal charges in Spain, Caproni froze $3.84 million of Cañas’ assets, Reuters reports.
