The Securities and Exchange Commission announced today the entry of a final judgment against Dennis Hamilton, a former executive at Stamford, Conn.-based electronics company Harman International Industries, Inc. who had been charged with insider trading in Harman's stock.

On February 5, 2016, the Commission filed a complaint charging Dennis Wayne Hamilton with one instance of insider trading in the company's stock. On August 30, 2016, the Commission filed an amended complaint alleging four additional instances of insider trading. The Commission alleged that Hamilton earned illegal profits by trading in Harman securities based on nonpublic information he obtained in the course of his employment, in advance of Harman's earnings releases and other corporate disclosures.

The Court has now entered a final judgment based upon Hamilton's consent to resolve all claims. Hamilton agreed to disgorge $730,279 in ill-gotten gains and pay prejudgment interest of $102,145, and to pay a civil penalty of $584,047. In addition to ordering this monetary relief, the final judgment enjoins Hamilton from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933 and imposes an officer and director bar. The monetary judgment will be offset by $131,958 that Hamilton was ordered to pay in a parallel criminal action brought by the U.S. Attorney's Office for the District of Connecticut in which he pled guilty to one count of securities fraud and was also sentenced to eight months imprisonment. The SEC has also entered an order suspending Hamilton, a CPA, from appearing or practicing before the SEC pursuant to Rule 102(e)(2) of the SEC's Rules of Practice.

For additional information, see Press Release No. 2016-24 (February 5, 2016), and Litigation Release No. 23631 (August 30, 2016).