SEC Obtains Final Consent Judgments Against Managers Involved in Insider Trading Case

On November 14, 2022, Charles Rustin “Rusty” The United States District Court for the Southern District of New York handed down a final judgment of consent to Holzer, the manager of a private family office. The SEC accused Holzer of insider trading. Fernando Moraes was the former Chief Operating Office of Holzer’s family office and he also faced a consent final judgment for the same crime on October 28, 2020.

The SEC filed a complaint on September 30, 2022 alleging that Holzer, Moraes, and others engaged in option trading on Dun & Bradstreet Corp. Private investor group purchased the company for $145 per share. Holzer and Moraes are accused of making illicit profits in the amount of $96,091 for Holzer, and $8.842 for Moraes. The SEC claimed that they shared insider knowledge with two other traders. These traders made profits totaling $672,000, and $65,332.

Holzer accepted a court judgment on October 4th, 2022 without admitting to or denying SEC allegations. The ruling permanently bars him from violating Section 10b) of Securities Exchange Act of 1939 and Rule 10b-5. Holzer will also be barred from being an officer or a director of any public issuer. Holzer is ordered to pay $91,509 in disgorgement, $14,217.67 in prejudgment interests, and $763,509 as civil penalties.

Moraes, too, consented in a similar way to a final judgment of consent without denying or admitting the allegations. The court permanently prohibits him from violating Section 10b) and Rule 10b-5 Securities Exchange Act. Moraes must also pay disgorgement in the amount of $8,842, interest on prejudgment judgments of $1,647 and a civil fine of $48,646. Further, he is prohibited from acting in the capacity of an officer or director for a public company.

Richard Hong from the Trial Unit assisted Derek Schoenmann, Elizabeth Baier and the New York Regional Office with the SEC investigation. Celeste Chase, Thomas P. Smith, Jr., and Celeste Chase, the SEC’s investigators, supervised the case. Hong and Schoenmann handled the litigation.

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SEC: What You Need to Know

Securities and Exchange Commission is the regulatory agency of the United States, which is responsible for overseeing and applying federal securities laws. Its primary goal is to protect investors and maintain fair, efficient, and effective markets.

The SEC was founded in 1934 as a response to the 1929 stock market crash and Great Depression that followed. The SEC is made up of five commissioners who are appointed by the president and organized into offices and divisions to perform its functions.

SEC has a number of responsibilities, including regulating securities, which includes stock exchanges, brokerages, dealers and investment advisors. It enforces the laws that require companies disclose accurate and timely data to the public. This ensures transparency and prevents fraud.

It also plays an important role in enforcing the securities laws and regulations. The SEC investigates potential violations and takes legal action against those who engage in deceptive or fraudulent practices. The SEC has the authority to take civil enforcement actions and impose fines as well as seek injunctions for investors’ protection and market integrity.

The SEC also has a responsibility to oversee the registration and offering of securities, as well as provide guidance and interpretations on securities laws for market participants. It also works with other regulatory agencies, both nationally and internationally, in order to promote consistent and efficient regulation of global securities markets.

The SEC’s overall objective is to promote economic growth by promoting capital formation, protecting investors from fraud, and ensuring fair and transparent markets.

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