Ex-Galleon Trader Settles SEC Claims

Law360, New York (July 19, 2011, 2:38 PM EDT) -- A former Galleon Group LLC trader who pled guilty to criminal charges for trading on insider information about corporate transactions agreed Monday to pay about $100,000 to settle a civil enforcement action in New York over the scheme.

U.S. District Judge Richard Sullivan ordered Michael Cardillo to disgorge roughly $68,000 and pay a $29,000 civil penalty, ending the U.S. Securities and Exchange Commission’s suit against the trader, who pled guilty in January to conspiracy and securities fraud for his role in an insider trading ring....
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