Finra banishes B-Ds for insider trading

Former registered broker-dealer representatives Peter D. Kelly and Daniel K. Ivandjiiski have been barred from the securities industry for insider trading by the Financial Industry Regulatory Authority Inc. Mr. Kelly, the former head of sales and trading in the loan syndication department of Calyon Securities (USA) Inc., was banned by New York- and Washington-based Finra for allegedly tipping off three friends about a pending merger between Columbia, Md.-based Duratek Inc. and Salt Lake City-based EnergySolutions LLC in early 2006. The friends eventually earned $66,000 in illegal profits thanks to gaining the insider information. Mr. Kelly was discharged by New York-based Calyon in October 2006. Mr. Ivandjiiski was banned for buying shares of Hawaiian Holdings Inc., which owned now-defunct Hawaiian Airlines Inc., one day before the Honolulu-based company publicly announced that it had reached an agreement with its creditors to increase the air carrier’s credit lines by $91 million. Eventually he sold 1,000 shares of Hawaiian Holdings for a profit of $780 in 2006. When working on the Hawaiian Airlines deal Mr. Ivandjiiski worked at an undisclosed investment-banking firm before taking a position at New York-based Miller Buckfire & Co. LLC in May 2005.