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U.S. v. BALLESTEROS GUTIERREZ

January 11, 2002

UNITED STATES OF AMERICA,
V.
JUAN PABLO BALLESTEROS GUTIERREZ, DEFENDANT.



The opinion of the court was delivered by: Kaplan, District Judge.

MEMORANDUM OPINION

Defendant in this insider trading case moves in limine to exclude evidence of trading activity by persons other than the defendant and to redact the indictment accordingly as well as for a bill of particulars.

Facts

The three count indictment in this case charges defendant Juan Pablo Ballesteros Gutierrez with conspiracy to commit securities fraud in violation of Sections 10(b), 14(e) and 32 of the Securities Exchange Act of 1934 ("Exchange Act")*fn1 and Rules 10b-5 and 14e-3 thereunder,*fn2 see 18 U.S.C. § 371, and with the corresponding substantive offenses. In order fully to understand the indictment's allegations, it is essential to bear in mind the structure of part of defendant's family and certain of its financial interests.*fn3

The Ballesteros Family and its Interests

Defendant is the second oldest of the four sons of the late Jose Luis Ballesteros Franco ("Jose Luis") who, at times relevant to this case, was a director and member of the audit committee of Nalco Chemical Company ("Nalco"), the common stock of which was traded on the New York Stock Exchange. His three brothers are referred to here as "Junior," Alejandro and Ricardo. Defendant's uncle Jorge is the brother of Jose Luis.

The Ballesteros family benefitted from and controlled a number of trusts and other entities during the relevant period. The names, beneficiaries, owners, and identities of those controlling investments by these entities are summarized as follows:

Entity Beneficiaries/ Investment Authority Stockholders
Gianni Trust Jose Luis, Jorge, Jorge their mother and siblings
Cardinal Trust Jorge and his family Jorge
Tula Trust Jose Luis, his wife Jose Luis and children including defendant
Unidentified English trust Jose Luis beneficial Jose Luis owner
Casford Limited Defendant ...

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