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Forewarned: De Minimus Does Not Apply in SEC Insider Trading Cases
[Photo: Insider Monkey, insidermoney.com]
On Friday, the SEC announced that Marc Winters, an experienced registered rep with Wedbush Securities, agreed to pay nearly $37,000 in fines, disgorgement and prejudgment interest to settle an SEC insider trading case. Winters had apparently traded on insider information in 2011, garnering trading profits of $4,170 for himself and about $14,000 for each of 2 clients.
The numbers are relatively small or light weight, and fortunately for Mr. Winters, he was neither barred nor suspended from the industry - which is the norm for FINRA disciplinary sanctions. That differential in sanctions is another story- which we'll let attorney Bill Singer and others address.
For now, we're satisfied to put a spotlight on the fact, for the SEC, detecting unusual trading activities associated with mergers & acquisitions is relatively easy - essentially "low hanging fruit." And it's worth reminding associated persons in the securities industry that they put their reputations and careers on the line when they try and trade on insider information - which, in any case, is illegal.
