The SEC charged
a partner at a New York-based investor relations firm with insider trading on
confidential information he learned about two clients while he helped prepare
their press releases.
The SEC alleges
that the partner sold his shares in Misonix Inc. upon learning that the company
was set to announce disappointing financial results. The SEC further
alleges that the partner bought stock in Clean Diesel Technologies Inc. when he
learned about the company’s impending announcement of positive news, and he
profited when its stock price nearly doubled. The partner’s illicit
profits and avoided losses from insider trading in both companies totaled
$11,776.
The partner,
who lives in Brooklyn, N.Y., and works at Cameron Associates, agreed to settle
the charges by paying disgorgement of $11,776, prejudgment interest of $1,492,
and a penalty of $11,776, for a total of $25,044.
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