{"id":5810,"date":"2015-06-03T00:00:00","date_gmt":"2015-06-03T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/06\/sec_files_insider_trading_char"},"modified":"2015-06-03T00:00:00","modified_gmt":"2015-06-03T05:00:00","slug":"sec-files-insider-trading-char","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-insider-trading-char\/","title":{"rendered":"SEC Files Insider Trading Charges Involving Secondary Stock Offerings"},"content":{"rendered":"\n

The Securities and Exchange Commission is filing insider trading charges <\/a>against four persons accused of stealing confidential data from investment banks and public company clients so they could trade prior to secondary stock offerings. The four of them allegedly made over $4.4 million in illegal trading profits. Some 15 stocks were reportedly involved. The insider trading scam purportedly went on for three years, from 6\/10 to 7\/13. <\/p>\n

According to the regulator, Steven Fishoff, a former day trader, conspired with his brother-in-law Steven Costantin and friends Ronald Chernin and Paul Petrello. The four of them pretended to be portfolio managers and they allegedly persuaded investment bankers to share confidential information about secondary offerings that were going to take place. Essentially, after agreeing not to tell anyone about the offering or trade in the securities, the defendants were made privy to private data. <\/p>\n

The defendants allegedly broke their promises not to tell others about the information, tipping one another with their insider knowledge so they could lower the issuer\u2019s stock price. They would short the stock before the offering was made public. This allowed them to earn short sale profits after the stock price had plunged.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission is filing insider trading charges against four persons accused of stealing confidential data from investment banks and public company clients so they could trade prior to secondary stock offerings. The four of them allegedly made over $4.4 million in illegal trading profits. Some 15 stocks were reportedly involved. The insider […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3760,3761],"tags":[],"class_list":["post-5810","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-sec-enforcement","category-securities-and-exchange-commis"],"yoast_head":"\nSEC Files Insider Trading Charges Involving Secondary Stock Offerings — Investor Lawyers Blog — June 3, 2015<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission is filing insider trading charges against four persons accused of stealing confidential data from investment banks — June 3, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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