Banker To Pay $5M In SEC's Burger King Insider Trading Suit

Law360, New York (November 30, 2012, 6:22 PM EST) -- A former Brazilian banker will pay $5.1 million to settle a U.S. Securities and Exchange Commission suit accusing him of insider trading ahead of Burger King's acquisition by a private equity firm, the SEC said Friday.

Igor Cornelsen, a 64-year-old resident of the Bahamas with a home in south Florida, received tips ahead of the announcement of the Burger King deal and used it to make $1.68 million, the SEC said. Cornelsen allegedly received the tips from his broker, Waldyr Da Silva Prado Neto, a Brazilian...
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