An investment industry executive has paid $1.4 million to settle insider trading charges, federal regulators said Friday.
I. Joseph Massoud, who founded investment advisory firm Compass Group Management, gained access to nonpublic information at an Internet site where bidding companies could learn more about the financial condition of Patriot Capital Funding Group before its sale, the Securities and Exchange Commission said.
For access to the data, Compass Group had to agree to keep information confidential, which prohibited employees from buying Patriot Capital stock. Massoud still purchased shares soon after Compass Group gained access to the confidential information, regulators said.
JOIN THE DISCUSSION | Register here
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service. If you have any questions, including why your comment may not be showing immediately after you submit it, be sure to visit the commenting FAQ.