June 11, 2018/US SEC
The U.S. District Court for the District of Oregon entered a consent judgment against Robert M. Morano on May 16, 2018, in an insider trading case brought by the Securities and Exchange Commission. The SEC charged Morano, a former employee of UTi Worldwide, Inc., with insider trading based on material nonpublic information he learned about the company’s impending acquisition by DSV Air & Sea Holdings A/V. The SEC’s complaint alleges that Morano obtained more than $38,000 in illegal profits by purchasing shares of UTi prior to the acquisition announcement.
Without admitting or denying the allegations, Morano consented to the entry of a judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and ordering him to pay disgorgement of $38,242 and prejudgment interest of $2,317. The judgment provides that upon subsequent motion by the SEC the Court will determine issues relating to a civil penalty.
The SEC appreciates the assistance of the Financial Industry Regulatory Authority. For further information, please see Litigation Release No. 24065 (March 8, 2018).