SEC v. Sam Miri, Case No. 13-cv-8324 (S.D.N.Y.). On November 21, 2013, the SEC announced insider trading charges against Sam Miri, a former employee at Marvell Technology group for tipping inside information used in connection with Raj Rajaratnam’s insider trading scheme. According to the SEC, Miri provided confidential financial information about Marvell to Ali Far who was a former Galleon portfolio manager. Far used the nonpublic information to trade Marvell securities for hedge funds that he founded after leaving Galleon. The SEC sued Far and Spherix Capital in 2009. The SEC alleges that Miri tipped Far about Marvell’s plans to announce a permanent chief financial officer. He provided information about an earnings announcement, Marvell’s sales revenue and profitability as well as projections of future earnings potential. Miri agreed to settle the SEC’s case. Without admitting or denying the charges, Miri agreed to entry of a final judgment enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5. Miri also agreed to pay $10,000 in disgorgement, $1,842.90 in prejudgment interest, and a $50,000 penalty. Miri will also be barred from serving as an officer or director of a public company for five years.
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