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Stories of Interest
- Latham & Watkins Chair Bill Voge Resigns Over Sexual Messages
- Jefferies Equity Trading Slips Even as Volatility Increases
- Can Jes Staley Fix Barclays Fast Enough?
- Deutsche Bank Slides 6.2% After Warning of $550Mn Q1 Headwind
- UBS to Pay $230Mn to N.Y. in Mortgage Securities Probe
- With At Least 190 Cryptocurrency Exchanges, Here's How to Pick Right One
- Mark Zuckerberg Lost $9Bn in Wealth Over Past 48 Hours
- Keynote Address, ICI 2018 Mutual Funds & Investment Management Conference
- SEC Announces Largest-Ever Whistleblower Awards
- From a $126Mn Bonus to Jail: Fall of a Star Trader
- Barclays Shares Surge as Activist Takes 5.2% Stake
- Standard Chartered Puts Compliance Head Neil Barry on Leave
- Goldman Sachs Pays Women in U.K. 56% Less Than Male Colleagues
- Deutsche Bank Leads Bulls with Higher Trading Revenue Forecast
- SocGen Cuts Traders' Bonus Pool by a Quarter
- Point72's Haynes Resigns as Cohen Seeks a New Type of Leader
- Steve Eisman, Who Called the 'Big Short' During Financial Crisis, Sleeping Easy Now
- Bitcoin's ‘Death Cross’ Looms as Strategist Eyes $2,800 Level - From Current Price of $8,120
- U.K. Brokerage Firm, Investment Manager, CEO Manipulated Trading in U.S. Microcap Stocks - SEC
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
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NEWSLETTERS & ALERTS
SEC Insider Trading Cases Come in All Sizes
The SEC just settled an insider case with a former employee of Merck & Co. who purchased 80 shares of a company that his employer was preparing to acquire in a tender offer. And what might be viewed as small potatoes to some is still a notch in the belt of SEC investigators.
In announcing the settlement, the SEC trumpets that the alleged perpetrator agreed to pay disgorgement plus a civil penalty equal to 3 times his illicit trading profits.
How much is that? For the record ...
- this individual purchased 80 shares of the target company for about $5,900 (or $73.39 a share).
- he sold those 80 shares for about $8,100 (or $101.98 a share).
- he generated about $2,300 in illicit profits.
- he will pay $8,968 in disgorgement and civil penalties (and likely lost his job and is out legal fees).
It's comforting to know that no transaction is too small to warrant the SEC's attention and enforcement!