On September 28, the SEC charged Anthony Viggiano with insider trading ahead of numerous M&A deals.
The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleged that Viggiano tipped off two friends about upcoming mergers and acquisitions deals and strategic partnerships.
The head of the SEC’s Market Abuse Unit, Joseph Sansone, commented:
“As alleged in our complaint, Anthony Viggiano violated the trust of his employers by misusing their access to confidential information to repeatedly and unfairly enrich himself and his friends.”
JUST IN: The SEC charged a former Goldman Sachs employee with insider trading, alleging he used Xbox 360 chats to pass inside information.
— The viewer index (@spectatorindex) September 28, 2023
Insider trading is widespread
According to the complaint, Viggiano passed tips about at least eight transactions between 2021 and 2023 to his friends.
Additionally, court documents revealed that subsequent transactions generated more than $580,000 in illegal profits, according to reports.
The SEC also charged the recipients of the trading tips, Christopher Salamone, Stephen Forlano and Nathan Bleckley. Viggiano faces nine counts of securities fraud and conspiracy because he “betrayed the trust of his employers,” U.S. Attorney Damian Williams said in a statement before adding:
“No matter how evasive the conduct of insider traders, or the efforts that have been made to conceal their crimes, this office will track and prosecute those who attempt to game the system.”
The analyst worked at Blackstone for about seven months and at Goldman for more than a year before being fired.
Earlier this week, a Massachusetts police chief was loaded with insider trading that allegedly generated more than $2.2 million in illegal profits.
On September 19, a former Republican congressman was sentenced to 22 months in prison for insider trading. Stephen Buyer was found guilty of making nearly $350,000 in insider trading using prior knowledge of two large telecommunications deals.
The former politician served on the House Communications and technology Subcommittee, which oversees the U.S. telecommunications industry.
In August, the former head of product at nft marketplace OpenSea was sentenced to three months in prison after being found guilty of insider trading.
Politicians in the spotlight
High-profile figures, such as US House Speaker Nancy Pelosi, are also in the spotlight.
Her husband, Paul Pelosi, has faced backlash for his stock trading that appears to be in line with US legislation in the technology sector.
The situation is so common that an account X “Nancy Pelosi Stock Tracker” was created, which gained 340,000 followers. He reports on possible insider trading activities of politicians and public figures and is very busy.
Breaking: Rep. Mike McCaul Just Earned Double His Salary in Trade
In November, he bought $400,000 of $GOAL for $105/share
A month later, a ban on Tiktok on all government phones was passed.
Last week he sold some of that. $GOAL for $310/share
Total profit: 180% pic.twitter.com/VmRPIayutU
– Nancy Pelosi Stock Tracker (@PelosiTracker_) September 28, 2023
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