SEC v. Tai Nguyen and Thanhha Bao, Case No. 12-cv-5009 (GBD) (S.D.N.Y.). On April 8, 2013, the SEC announced an enforcement action against ThanhHa Bao, who worked in the finance department at Abaxis Inc. The SEC alleges that Bao routinely tipped Tai Nguyen, who made $144,910 by trading before the company’s quarterly earnings announcements. Nguyen was previously charged with insider trading by the SEC. The SEC alleges that Bao tipped Nguyen about Abaxis’s quarterly earnings. Nguyen traded on the inside information and tipped several hedge fund managers who made more than $7.2 million through illegal trades. The hedge fund traders were also charged previously by the SEC. Without admitting or denying the charges, Bao settled with the SEC. Bao agreed to pay $144,910 and be barred from serving as an officer or director of a public company for five years. He will also be enjoined from future violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Exchange Act Rule 10b-5.
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