SEC v. Joseph Mancuso, Case No. 13-cv-2555 (S.D.N.Y.). On April 17, 2013, the SEC announced it filed insider trading charges against Joseph Mancuso who used to be a trader at registered broker-dealer Schottenfeld Group. The SEC alleges that Mancuso obtained inside information from his friend and colleague, Zvi Goffer, to trade ahead of the announced acquisitions of several companies. The information that Goffer tipped to Mancuso was originally misappropriated by two attorneys at the law firm Ropes & Gray, Arthur Cutillo and Brien Santarlas. They had access to inside information about deals involving firm clients, and Goffer paid them kickbacks in exchange for that information. The SEC’s complaint charges Mancuso with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks a final judgment permanently enjoining Mancuso from future violations of these provisions and ordering disgorgement of ill-gotten gains plus prejudgment interest.
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