AUSTIN (CN) – Three senior managers at Dell computer profited by trading ahead on inside information about the company’s declining performance, the SEC claims in Federal Court.
Senior finance manager Salvador Chavarria, 38, of Austin; senior finance consultant Glenn Leftwich, 38, of Las Vegas, Nev.; and senior finance manager John Nieto, 35, of Round Rock, Texas, spent as much as half their annual salary buying and selling put options based on inside information, the SEC claims. Chavarria profited by $153,200, Leftwich made $106,430 and Nieto made $16,700, the SEC claims. It wants it back, and then some. See complaint.