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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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!