SEC Cuts Accountant Slack For Self-Reporting Insider Trading
By Al Barbarino (June 8, 2020, 9:59 PM EDT) -- A former contract accountant with biotech firm Illumina will pay nearly $374,000 to settle an insider trading claim in a deal that spares her the full brunt of a civil penalty because she self-reported, the U.S. Securities and Exchange Commission said.
Jana Faith Kiena, a certified public accountant who began processing revenue from monthly service agreements for the San Diego-based firm in May 2019, used material nonpublic information gleaned during company meetings to execute put option contracts that allowed her to reap nearly $250,000, according to Friday's settlement order.
"Kiena knew or was reckless in not knowing that information about Illumina's revenue...
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