Former SEC Accountant Busted For Illegal Options Trading
Published On: May 8, 2017
David Humphrey, a former accountant with the U.S. Securities and Exchange Commission (SEC) was accused of illegally trading options while working there. He was employed with the agency for 16 years prior to the illegal trading. The SEC has strict securities trading rules for its employees, as many of them have access to non-public and market-making information. They are also banned from holding stock in companies directly regulated by the SEC and are required to get clearance prior to trading. Trading options is also banned for all SEC employees. Humphrey was charged with one criminal count of making a false written statement, after filing false government ethics forms that failed to disclose certain investments, according to a federal court filing. He is expected to settle related civil SEC charges, after he was caught trading options on his work computer for over a decade. He also traded options for his mother and a friend. He will also pay more than $100,000 in penalties and ill-gotten profits to settle the SEC civil case and will be barred from being an accountant.
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