The SEC charged a public relations employee of UTi Worldwide, Inc. ("UTi"), a global supply chain services and logistics company, with using confidential company information to engage in insider trading. According to the SEC, Robert Morano learned about the impending acquisition of UTi by DSV Air & Sea Holdings A/V before the information was made public. Mr. Morano allegedly used the information to purchase 17,500 shares of UTi stock prior to the announcement. Mr. Morano sold the stock after the transaction making over $38,000 in illegal profits.
In a complaint filed in federal court in Oregon, the SEC charged Mr. Morano with violating Exchange Act Section 10(b) and Rule 10b-5. The SEC is seeking an injunction, disgorgement plus interest, and a penalty.
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