The defendants agreed to the entry of final judgments that would resolve all the charges and permanently banning them from violating the anti-fraud provisions of the securities laws. The settlements are subject to court approval.
Defendants’ settlements should deter others from committing insider trading
In a statement, SEC Enforcement Division Co-Director Stephanie Avakian, said, “Insider trading undermines investor confidence in the fairness and integrity of the securities markets. Today’s settlements, along with the previous criminal pleas, should deter others who may be tempted to engage in this pernicious conduct.”
“Our complaint alleged in detail how the defendants obtained and misused material nonpublic information for their own financial and personal gain. Upon approval, this resolution will strip former Representative Collins of the privilege of serving as an officer or director of a public company and ensure that the traders are deprived of their ill-gotten gains,” commented SEC Enforcement Division Co-Director Steve Peikin.
