Rakoff Hammers Salon Owner With $500K Insider Trading Fine
Law360, New York (October 11, 2019, 8:02 PM EDT) -- U.S. District Judge Jed S. Rakoff allowed Manhattan hairdresser Abell Oujaddou to avoid prison for insider trading Friday, citing his remorse and cooperation with prosecutors, but smacked the wealthy business owner with a $500,000 fine for a crime of "sheer greed."
The unusually steep financial penalty comes on top of more than $190,000 of restitution the 56-year-old Oujaddou must repay out of illegal profits he earned by trading on tips from former Standard & Poor's debt analyst Sebastian Pinto-Thomaz, a family friend.
Judge Rakoff credited Oujaddou for coming forward, showing remorse and sharing information with prosecutors who accused Pinto-Thomaz of tipping...
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