Australian-based trader to pay $33k to settle insider trading charges
Linus Unah – Fourth Estate Contributor
Washington, DC, United States (4E) – The U.S. Securities and Exchange Commission (SEC) Friday charged an Australian-based trader with insider trading in the securities of White Mountains Insurance Group, a Hanover, New Hampshire-based insurance holding company.
The SEC’s complaint, filed in a New York federal court, alleged that Mr. Staples, a U.S. citizen currently residing in Australia, purchased the securities of White Mountains based on material non-public information concerning the sale of a White Mountains subsidiary to a publicly-held insurance corporation.
The U.S. regulator added that Staple’s sibling, an officer at White Mountains, shared the information because he trusted Staples, 63, and expected him to keep the information confidential.
However, Staples traded on the information and realized illegal profits of $15,199.
Without admitting or denying the allegations in the complaint, Staples has agreed to pay a total of $33,116 to settle the charges.
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