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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23746 / February 10, 2017

Securities and Exchange Commission v. Alan Barry Staples, No. 1:17-cv-01000 (S.D.N.Y. filed Feb. 10, 2017)

Australian-based Trader Settles Insider Trading Charges

The Securities and Exchange Commission today charged Alan Barry Staples with insider trading in the securities of White Mountains Insurance Group, Ltd.

The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, alleges that Staples, a U.S. citizen currently residing in Australia, purchased the securities of White Mountains based on material non-public information concerning the sale of a White Mountains subsidiary to a publicly-held insurance corporation. Staples learned the material non-public information from his sibling, an officer at White Mountains, who shared the information because he trusted Staples and expected him to keep the information confidential. Nonetheless, Staples traded on the information, and realized illegal profits of $15,199.78.

Without admitting or denying the allegations in the complaint, Staples has consented to the entry of a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. Staples also agreed to pay a total of $33,116.97, consisting of disgorgement of $15,199.78, a civil penalty of $15,199.78 and prejudgment interest of $2,717.41. The proposed settlement is subject to the court's approval.

SEC Complaint

 

https://www.sec.gov/litigation/litreleases/2017/lr23746.htm


Modified: 02/10/2017