The final judgment entered today by the Honorable Jed S. Rakoff of the U.S. District Court for the Southern District of New York finds the manager liable for a civil monetary penalty of $92,805,705, which marks the largest penalty ever assessed against an individual in an SEC insider trading case. The charges were brought against the manager on October 16th and alleged that he and several others engaged in a massive insider trading scheme. This action is part of a larger insider trading probe, which has resulted in civil charges against a total of 29 individuals and entities. The SEC alleged insider trading in the securities of more than 15 publicly traded companies for more than $90 million in illicit profits or losses avoided.
“The penalty imposed today reflects the historic proportions of...illegal conduct and its impact on the integrity of our markets,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.