SEC Wins Jury Trial Against Man Tipped By Ex-KPMG Bigwig

Law360 (August 14, 2019, 7:53 PM EDT) -- The U.S. Securities and Exchange Commission scored a trial victory on Wednesday when a jury in Georgia federal court found a stockbroker had acted as the middleman in an insider trading scheme and received illicit trading profits.

After a week and a half at trial, Raymond J. Pirrello Jr. was found liable for securities violations in connection with what the SEC described as a six-figure scheme in which Pirrello bought insider information from a former KPMG LLP partner and passed it along to a friend, who then profitably traded on the confidential info.

"This case involved a sophisticated scheme by industry...

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