Final Judgment Entered Against Nan Huang for Insider Trading
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The court imposed on Huang permanent injunctive relief and ordered payment of $4,403,545 in disgorgement, $288,965 in prejudgment interest, and an $8,807,090 penalty for a total of $13.5 million.
According to court documents, Huang worked as a data analyst in Capital One’s fraud department when he searched a nonpublic company database that recorded the credit card activity for millions of customers at numerous, predominantly consumer retail corporations. In violation of Capital One’s code of conduct, Huang conducted thousands of searches in this database, which allowed him to view and analyze aggregated sales data for the companies he searched. Huang then used this material, nonpublic information to make profitable securities transactions in advance of the public release of quarterly sales announcements by these companies.
The other defendant charged in this matter, Mr. Bonan Huang, settled with the SEC on December 3, 2015.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute legal advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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Brenda Hamilton, Securities Attorney
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