U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23637 / September 7, 2016
Securities and Exchange Commission v. Dennis Wayne Hamilton, Civil Action No. 3:16-cv-00192-AWT (D. Conn.)
United States v. Dennis W. Hamilton, Criminal Action No. 3:16-cr-00058-AWT (D. Conn.)
Alleged Insider Trading Executive Sentenced in Parallel Criminal Matter
A defendant in a SEC enforcement action and former executive at Stamford, Conn.-based electronics company Harman International Industries, Inc. was sentenced last week for insider trading in the company's stock in a parallel criminal case. On September 1, 2016, Dennis Wayne Hamilton was sentenced to eight months of imprisonment, followed by one year of supervised release, and ordered to pay a $131,958 fine - an amount equal to his illegal profits on the charged conduct. Hamilton pled guilty on March 28, 2016 to trading on nonpublic information he learned on the job in advance of Harman's release of its fiscal year 2014 first quarter earnings.
The SEC's litigation against Hamilton is continuing. The SEC's amended complaint, filed in federal court on August 30, 2016, alleges that Hamilton obtained more than $977,000 in illicit profits from four additional instances of insider trading beyond those alleged in the criminal complaint filed against Hamilton, bringing the total alleged illicit profits to over $1.1 million.