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WisdomTree Head Sanctioned For Insider Trading
January 11, 2012
[ by Melanie Gretchen ]
WisdomTree head Michael Steinhardt has been sanctioned by Vice Chancellor J. Travis Laster of the Delaware Court of Chancery for insider trading. Judge Travis ruled that Mr. Steinhardt improperly traded shares of Calix., a Calif., provider of broadband communications access systems, after it had agreed to purchase Occam Networks in 2010 with knowledge of non-public information while serving as a plaintiff in a securities lawsuit. According to the ruling, Steinhardt sold Calix short with knowledge from the litigation that the merger would be consummated with no change in price.
In legal papers, Mr. Steinhardt's lawyers have argued that none of the information he received while acting as a plaintiff was material, non-public information. He denied any wrongdoing, saying he received no information that would matter in trading Calix or Occam stock.
The judge ordered Mr. Steinhardt to disgorge profits of $534,071 related to his shorting of shares and to self-report his insider trading to the SEC to see if any further action is warranted.
[Forbes, 1/9/12]
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