Court Orders Robert M. Morano to Pay Insider Trading Penalty

13/5/2019/US SEC

On May 3, 2019, the U.S. District Court for the District of Oregon entered a final judgment against Robert M. Morano ordering him to pay a $75,000 insider trading penalty, which represents approximately two times the amount of Morano’s illegal trading profits.

The SEC’s complaint charges 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 previously consented to a judgment entered on May 16, 2018, that permanently enjoined him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; ordered him to pay disgorgement of $38,242 and prejudgment interest of $2,317; and reserved issues relating to a penalty for subsequent determination. The final judgment ordering the penalty concludes the litigation.

For further information, please see Litigation Release Nos. 24163 (June 11, 2018) and 24065 (March 8, 2018).

Leave a Comment

Your email address will not be published. Required fields are marked *

*