SEC v. Dennis S. Rosenberg, Case No. 1:13-cv-3559-AT (N.D. Ga.). On October 29, 2013, the SEC announced insider trading charges against Dennis Rosenberg (“Rosenberg”) for trading in the securities of Carter’s Inc. (“Carter’s”). According to the SEC, Rosenberg would trade before news releases about Carter’s earnings after getting tips from a former Carter’s executive about the content of the upcoming announcements. The SEC alleges that Rosenberg also passed the inside information along to two investment advisers for two separate hedge funds. According to the SEC, Rosenberg made about $50,000 composed of gains, losses avoided, and consulting fees based on his tips. The SEC also alleges that Rosenberg’s tippees made about $2 million in profits and losses avoided. Rosenberg settled with the SEC. Without admitting or denying the charges, Rosenberg consented to entry of a final judgment enjoining him from violating Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5. The final judgment will also order him to disgorge about $500,000 and pay about $108,000 in prejudgment interest. The amount of civil monetary penalties will be decided by the Court at a later date.
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