Estonian Trader Fined For Press Release Theft

Law360, New York (August 23, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has nabbed one banker from a renegade Estonian financial services firm that allegedly stole press releases from more than 200 U.S. public companies and traded on the news before it reached the public.

Kristian Lepik, a citizen and resident of Estonia, agreed to pay a disgorgement of $551,958 for the amount he allegedly garnered in the scheme, along with $10,181 in prejudgment interest and a $15,000 civil penalty. He did not admit or deny the allegations, the SEC said....
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