- within Intellectual Property, International Law, Food, Drugs, Healthcare and Life Sciences topic(s)
The SEC charged a global management consulting firm partner with trading on material nonpublic information taken from the firm and its clients.
In a Complaint filed in the Southern District of New York, the SEC alleged that the partner learned confidential information about an upcoming acquisition by one of the firm's clients. The agency stated that the partner purchased call options for the target of the acquisition without pre-clearing the trades, and then sold the options for a profit of over $450,000 once the acquisition was made public.
The SEC charged the partner with violations of Exchange Act Section 10(b) ("Regulation of the use of manipulative and deceptive devices") and SEA Rule 10b-5 ("Employment of manipulative and deceptive devices"), and sought civil penalties and a permanent injunction to prevent further violations.
The partner also faces criminal charges from the U.S. Attorney's Office in the Southern District of New York.
Primary Sources
- SEC Complaint: Puneet Dikshit
- U.S. Attorney's Office in the Southern District of New York Charges Puneet Dikshit
- SEC Press Release: SEC Charges Partner at Global Consulting Firm With Insider Trading
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