b**********5
发帖数: 7881 | 1 Bloomberg By Karen Gullo
23 hours ago
Two California husbands who allegedly heard their executive wives discussing
nonpublic information about their technology company employers on the phone
were sued for insider-trading by securities regulators.
The lawsuits are the latest in a string of recent U.S. Securities and
Exchange Commission cases involving men, including the husband of former
Playboy Enterprises Inc. Chief Executive Officer Christie Hefner, who
allegedly traded on inside information they learned from spouses over the
objections or without the knowledge of their wives.
"Family members have a duty to protect and safeguard that information, not
to trade on it," said Jina Choi, director of the SEC's regional office in
San Francisco.
Ching Hwa Chen, 61, of San Jose, California, overheard his wife, Informatica
Corp.'s senior tax director, discussing the company's quarterly results in
June 2012 and gleaned that they might miss its forecasts, the SEC said in a
complaint filed today in federal court in San Jose, California. Chen bought
options and sold the company's shares short, making $138,000 when they
dropped after the company didn't make the forecast, the SEC said.
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His wife had told him not to trade in Informatic shares under any
circumstances and Chen hid the trades from her, the SEC said. Debbie O'Brien
, an Informatica spokeswoman, declined to comment on the lawsuit.
Didn't Admit
Chen, who didn't admit or deny wrongdoing, agreed to pay $280,523 to settle
the case, according to the SEC.
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Says
In a separate complaint filed in San Jose, the agency said Tyrone Hawk, 46,
of Los Gatos, California, made $151,480 by selling shares of Acme Packet Inc
. that he bought after overhearing his wife, an Oracle Corp. finance manager
, in discussions regarding the software company's planned acquisition of
Acme in February 2013. Hawk didn't heed his wife's warning that there was a
blackout in trading Oracle securities because it was in the process of an
acquisition.
Hawk, who also didn't admit to or deny the allegations, agreed to pay about
$305,614 to resolve the SEC lawsuit, according to court documents. Deborah
Hellinger, an Oracle spokeswoman, declined to comment.
The mens' wives weren't accused in the lawsuit of any improper actions.
Parties not accused of wrongdoing typically aren't identified in SEC
complaints. The settlements must be approved by a federal judge.
Chen's Attorney
David Cohen, an attorney for Chen, declined to comment on the lawsuit. Ed
Swanson, an attorney for Hawk, didn't immediately return a voice-mail
message seeking comment.
Spouses have a duty of confidence when learning nonpublic information, under
SEC rules over insider trading. Last year the agency sued a Houston man for
trading shares of National Semiconductor Corp. after learning about a
company acquisition from his wife, whose law firm was providing advice on
the deal. He settled the claims for $60,000 without admitting or denying
wrongdoing, according to the agency.
The agency in 2011 sued William Marovitz, Hefner's husband, claiming he
traded on nonpublic information about the company's possible sale from his
wife, who had instructed him not to trade in Playboy shares. Marovitz
settled with the agency for $168,352, without admitting or denying
wrongdoing.
A former managing director at an executive search firm in Illinois was sued
by the SEC in 2011 for trading Hewitt Associates Inc. shares after learning
about the company's merger with Aon Corp. Inc. from his wife, then an Aon
executive. She asked him in e-mails after telling him the news not to share
the information. The husband settled the case for almost $21,000, also
without admitting or denying wrongdoing.
$1 Million
In a San Francisco case, the wife of an ex-Deloitte Tax LP partner, agreed
in 2011 to pay $1 million to settle SEC claims that she tipped family
members to merger deals. While Annabel McClellan didn't admit wrongdoing in
the SEC case, she pleaded guilty to a charge that she obstructed the agency'
s investigation and told a judge she overheard her husband talking about the
deals and passed the information to her brother-in-law. She was sentenced
to 11 months in prison.
McClellan and her husband, Arnold, were initially accused by the SEC in 2010
of telling family members of at least seven confidential buyouts from 2006
to 2008 planned by Deloitte's clients, including Kronos Inc., aQuantive Inc.
and Getty Images Inc. The relatives made about $3 million in profits,
according to the lawsuit. The SEC dropped its claims against Arnold
McClellan after his wife's settlement was approved by a judge.
The cases are SEC v. Hawk, 14-cv-01466, and SEC v. Chen, 14-cv-01467, U.S.
District Court, Northern District of California (San Jose).
To contact the reporter on this story: Karen Gullo in federal court in San
Francisco at k****[email protected]
To contact the editors responsible for this story: Michael Hytha at mhytha@
bloomberg.net Peter Blumberg, Fred Strasser | a*o
发帖数: 25262 | 2 live scandal..
Wait, there is a TV show called Scandal..
Work is work, love is love, personal life is personal life, you can't cross
the line!
LOL | C****u
发帖数: 911 | 3 所以说，像肖申克的救赎里面那样设立影子账户，可行么？ | j******3
发帖数: 18319 | 4 only weak people trade on insider information.
discussing
phone
【在 b**********5 的大作中提到】
: Bloomberg By Karen Gullo
: 23 hours ago
: Two California husbands who allegedly heard their executive wives discussing
: nonpublic information about their technology company employers on the phone
: were sued for insider-trading by securities regulators.
: The lawsuits are the latest in a string of recent U.S. Securities and
: Exchange Commission cases involving men, including the husband of former
: Playboy Enterprises Inc. Chief Executive Officer Christie Hefner, who
: allegedly traded on inside information they learned from spouses over the
: objections or without the knowledge of their wives.
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