SEC Charges Ex-Law Firm IT|Manager With Inside Trading

(CN) - A Delaware law firm's former technology manager and his brother-in-law made more than $182,000 by trading on inside information about the firm's clients, the SEC claims in Delaware Federal Court.

While working at the unnamed firm, Jeffrey J. Temple, 40, traded on inside knowledge of at least 22 prospective mergers and acquisitions, including Disney's acquisition of Marvel Entertainment and Google's buyout of On2 Technologies, the SEC claims.

"In an egregious betrayal of trust," Temple tipped off his brother-in-law, Benedict M. Pastro, 43, who made more than $94,000 on the inside information, the SEC says.

The agency wants the court to bar Temple and Pastro from further violating securities laws and order them to "disgorge the unlawful trading profits."

Daniel Hawke is the lead attorney for the SEC.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit