Posts tagged Administrative Law Judge.
An SEC administrative law judge ("ALJ") found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against Ruggieri, because the Division of Enforcement did not prove personal benefit to his tipper. The bottom line: It doesn't violate anti-fraud rules to trade on material non-public information obtained from a casual acquaintance who "simply could not follow the rules and keep his mouth closed," where there is no clearly-demonstrable personal benefit to ...
Posted in: SEC
Tags: Administrative Law Judge, ALJ, Burrr & Forman, Division of Enforcement, Greg Bolan, insider-trading, Joseph Ruggieri, Patil, SEC, Securities Exchange Commission, Securities Litigation & Arbitration, wells fargo