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Securities and Exchange Commission v. Payton et al

  1. November 29, 2016

    Ex-Brokers Lose New Trial Bid In IBM Insider Trading Row

    Two former brokers found guilty of insider trading in connection to a $1.2 billion IBM deal lost their bid to get a new trial in New York federal court on Tuesday, though U.S. District Judge Rakoff agreed to limit their monthly civil penalty payments.

  2. August 01, 2016

    Brokers Say SEC Changing Story In IBM Insider Trading Row

    Two former brokers found guilty of insider trading related to a $1.2 billion IBM deal have told a New York federal court that the SEC is attempting “to stretch the insider trading laws beyond all reason” by twisting its story about what personal benefits their coworker allegedly received.

  3. July 22, 2016

    SEC Fights To Keep Grip On Insider-Trading Victory

    Federal securities regulators on Friday defended civil verdicts against two brokers who traded on a $1.2 billion IBM deal before it was public, citing a jury's unanimity and the volume of evidence around each link of a complicated chain as reasons for a New York federal judge not to grant a new trial.

  4. July 08, 2016

    Feds See Upside To Insider Trading Case At Supreme Court

    U.S. Securities and Exchange Commission and Justice Department officials trashed the Second Circuit's Newman decision that made it tougher to prosecute insider trading Friday, but said the facts in the upcoming Salman case at the U.S. Supreme Court are in the government's favor.

  5. June 14, 2016

    Brokers Say SEC Lacked Evidence In IBM Insider Trading Case

    Two brokers that a jury found liable for insider trading ahead of IBM's $1.2 billion acquisition of SPSS want a New York federal court to reconsider their arguments or grant them a new trial, saying Monday that the U.S. Securities and Exchange Commission didn't present enough evidence in their case.

  6. May 16, 2016

    Brokers Must Pay SEC $1.9M In IBM Insider Trading Case

    A New York federal judge on Monday ordered two brokers a jury found liable for insider trading ahead of IBM Corp.'s $1.2 billion acquisition of SPSS Inc. to pay the U.S. Securities and Exchange Commission a collective total of more than $1.9 million.

  7. April 13, 2016

    SEC Seeks Ex-Broker's Full Windfall In IBM Insider Trade Row

    The U.S. Securities and Exchange Commission implored a New York federal judge Tuesday to force a former broker to repay the full $606,000 a jury found he made trading on inside information involving IBM Corp.'s $1.2 billion acquisition of SPSS Inc., saying he doesn't deserve to keep any of his allegedly ill-gotten gains.

  8. April 05, 2016

    Ex-Broker Avoids Perjury Referral Over Trading Testimony

    A New York federal judge said Tuesday that he has decided not to recommend perjury charges against an ex-broker despite remaining skeptical about the broker's inconsistent testimony in a trial that found him liable for trading on inside information about a $1.2 billion IBM acquisition.

  9. March 17, 2016

    Unemployed Ex-Brokers Fight $2.5M Fine In IBM Tip Case

    Two former brokers who were found liable for insider trading in a U.S. Securities and Exchange Commission trial stemming from an IBM acquisition are fighting the agency's request for approximately $2.5 million in total fines, saying they are both unemployed and lack the resources to pay a hefty penalty.

  10. March 08, 2016

    SEC Wants $2.5M Fine After IBM Stock Tip Trial Win

    The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to fine two brokers a total of approximately $2.5 million after a jury found them liable for trading on inside information about an IBM acquisition, saying it hoped to "send a message" to other would-be wrongdoers.

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