Judge Backs $2.8M Penalty In Insider Trading Suit

Law360, New York (March 18, 2011, 7:38 PM EDT) -- A New York federal magistrate judge on Friday recommended that two defendants accused of insider trading pay $2.8 million in civil penalties on top of the $1.9 million they already owe to the U.S. Securities and Exchange Commission.

Magistrate Judge Ronald Ellis of the U.S. District Court for the Southern District of New York rejected the SEC's request for treble damages, recommending instead that Bruno Verinac and Antun Dilber hand over double the amount of their ill-gotten profits.

"While an enhancement is appropriate, the evidence available...
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