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SEC Settles With Insider for $1.4 Million

HARTFORD (CN) - A Connecticut investment adviser made $676,000 trading on inside information about the sale of the (nonparty) Patriot Capital Group, the SEC claims in court.

The SEC said I. Joseph Massoud, of Westport, founder of Compass Group Management, agreed to settle the case for $1.4 million: $676,000 in disgorgement, as much in penalties, and prejudgment interest of $80.800.

Massoud also agreed to be barred from the securities industry, the SEC said. The settlement is subject to court approval.

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