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Thursday, May 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Trader Settles With|SEC for $1.3 Million

MANHATTAN (CN) - New York City-based fund manager Steven B. Hart made $831,071 through illegal trading, the SEC claims in Federal Court.

The SEC claims Hart, 40, made the ill-gotten gains while running his investment fund Octagon Capital Partners, of which he is sole owner.

"In one scheme, Hart illegally matched 31 pre-market trades to benefit his own fund at the expense of one of his employer's funds," the SEC said in its settled complaint. "In the other scheme, Hart conducted insider trading in the securities of 19 issuers based on nonpublic information he learned in advance of their offering announcements."

Hart agreed to settle the complaint by paying $1.3 million, the SEC said: $831,071 in disgorgement, $103,424 in interest and a $394,733 penalty.

As is customary with the SEC, Hart did not have to admit that he did it.

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