SEC Charges Joseph McVicker With Insider Trading

SEC v. Joseph McVicker, Case No. 1:12-cv-11434 (D. Mass.)  On August 3, 2012, the SEC announced insider trading charges against Joseph McVicker.  This case involves unlawful insider trading by McVicker in the stock of Art Technology Group, Inc. (“Art Technology”) in advance of a public announcement that it would be acquired by Oracle Corporation.  McVicker got inside information from a long-time friend whose spouse worked at Art Technology.  McVicker then used this inside information to trade in Art Technology stock resulting, in profits of $44, 268.  Without admitting or denying the SEC’s allegations in the complaint, McVicker consented to the entry of a final judgment enjoining him from future violations Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.  He also agreed to pay disgorgement of $44,268, prejudgment interest of $365, and a civil penalty of $44,268.

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