SEC Obtains Final Judgment Against Last Defendant in Insider Trading Case
Litigation Release No. 24799 / April 17, 2020
Securities and Exchange Commission v. Amir Waldman, et al., No. 17-Civ-02088 (S.D.N.Y. filed March 23, 2017)
On April 17, 2020, the Honorable Richard Berman of the United States District Court for the Southern District of New York entered a final judgment on consent against Amir Waldman in an insider trading case.
The SEC's amended complaint, filed on November 29, 2017, alleged that Waldman, of Israel, made highly suspicious and profitable trades in the securities of Mobileye, N.V., a software and technology developer of an autonomous driving system. According to the SEC's complaint, the Mobileye founders provided nonpublic information about a tender offer by Intel Corporation to James Shaoul, a close friend of Waldman, who in turn provided the information to Waldman. The amended complaint alleges that Waldman profited by more than $4.5 million by trading on the information in advance of the tender offer.
The final judgment against Waldman enjoins him from violating the antifraud provisions of Section 14(e) of the Securities Exchange Act of 1934 and Rule 14e-3 thereunder, and orders Waldman to pay disgorgement in the amount of $1,078,300, prejudgment interest in the amount of $40,889, and a civil penalty in the amount of $1,078,300.
The court previously entered final judgments against four other defendants, including Shaoul, in this case. For more information on this matter, please see Litigation Release Nos. LR-24698 (Dec. 23, 2019); LR-23789 (March 24, 2017); LR-23801 (April 6, 2017); and LR-23935 (Sept. 13, 2017). With the entry of the judgment against Waldman, the SEC's litigation has concluded.
The SEC's investigation was conducted by Kevin M. Comeau and supervised by Jay A. Scoggins of the Denver Regional Office. The SEC's litigation has been led by Terry R. Miller and, Stephen C. McKenna, and supervised by Gregory Kasper.