Split SEC Dismisses Case Against Ex-Wells Fargo Trader

Law360, New York (July 14, 2017, 8:55 PM EDT) -- The U.S. Securities and Exchange Commission dismissed administrative proceedings on Thursday against a former Wells Fargo trader after commissioners deadlocked over whether there was enough evidence to establish that he traded while aware of material, non-public information.

The dismissal of the proceedings against Joseph C. Ruggieri comes nearly two years after an in-house court tossed the case in a September 2015 initial decision, which found that the SEC’s Division of Enforcement had established in four out of six alleged instances that Ruggieri had traded based on...
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