SEC Triumphs In Canadian Trading Case

Law360, New York (January 12, 2011, 1:44 PM EST) -- U.S. regulators have won an $810,000 judgment against a Canadian businessman accused of trading on inside information acquired from a friend whose wife was an employee of Merrill Lynch Canada Inc.

In an order Tuesday, Judge Harold Baer of the U.S. District Court for the Southern District of New York directed Phillip MacDonald, the sole remaining defendant, to pay for his role in the alleged $1.2 million scheme. MacDonald agreed to the judgment without admitting to any wrongdoing, according to the order.

The U.S. Securities and...
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