Thursday, April 26, 2012

Ex-lawyer insider trader Pays 32 Million Dollars to Settle SEC Insider Case

A former corporate lawyer, an ex-trader and the man they used to shuttle secret tips have agreed to pay more than $32 million to settle an insider-trading case by the Securities and Exchange Commission.
Matthew Kluger, an ex-lawyer, admitted last year in a separate criminal case that he had provided confidential information about clients from various law firms dating back to his time as a summer associate in 1994. The information was passed by a middleman, Kenneth T. Robinson, to Garrett Bauer, a former trader who also pleaded guilty to criminal charges last year.
Robinson pleaded guilty to criminal charges in April 2011 and cooperated in the case, recording calls by both men.


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