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Stories of Interest
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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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!