Tuesday, August 19, 2014

SEC Charges Atlanta-Based Accountant With Insider Trading on Confidential Information From Client

The Securities and Exchange Commission announced charges against an accounting firm partner in Atlanta for insider trading in the stock of a restaurant company based on confidential information he learned from a client on the board of directors who came to him for tax advice in advance of a tender offer announcement.

SEC investigators also identified and charged three other traders who traded illegally on tips from the accountant.  The traders were discovered by comparing trading records from stock exchanges with names on the accountant’s client list.
The insider trading activity garnered illegal profits of more than $160,000. The four individuals involved have agreed to pay a combined total of more than $420,000 to settle the SEC’s charges.
Post a Comment