SEC Settles With Igor Cornelsen and Bainbridge Group For $5.1 Million For Insider Trading In Burger King Stock

SEC v. Igor Cornelsen and Bainbridge Group, Inc., Case No. 12-civ-8712 (S.D.N.Y).  Previously, I wrote about the SEC’s Burger King Insider Trading Case against Waldyr Neto.  On November 30, 2012, the SEC announced charges against Igor Cornelsen and his firm Bainbridge Group for their role in the in the same insider trading scheme.  According to the SEC, Cornelsen was tipped by Neto about an impending Burger King deal.  After talking with Neto, Cornelsen began trading out Burger King call options the next day.  He had never previously traded Burger King securities.  Cornelsen and Bainbridge Group have settled with the SEC.  Without admitting or denying the allegations of the complaint, they consented to entry of a final judgment enjoining them against violations of Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder.  They have also agreed to jointly and severally pay $1,681,090 in disgorgement and $136,620.96 in prejudgment interest.  Cornelsen will also pay a $3,362,180 civil monetary penalty.

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