The Securities and Exchange Commission (SEC) recently charged a former employee, David Humphrey, with concealing personal trading from the ethics office and with misrepresenting his trading activities when questioned by the SEC’s Office of Inspector General. Humphrey was charged with securities fraud in connection with his trading of options and other securities. In the complaint it stated: “Humphrey never sought pre-clearance for his prohibited options trades and he filed forms that falsely represented his securities holdings.” The complaint also stated that Humphrey violated the rules by engaging in transactions involving derivatives, failing to obtain pre-clearance before trading non-prohibited securities, and failing to hold securities for the required period. The Department of Justice also announced that Humphrey pleaded guilty to criminal charges from his false federal filings.
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