SEC Charges Swiss Trader in Two International Insider Trading Schemes
Litigation Release No. 25274 / November 30 2021
Securities and Exchange Commission v. Marc Demane Debih, No. 21-civ-10138 (S.D.N.Y. filed November 30, 2021)
On November 30, 2021, the Securities and Exchange Commission filed insider trading charges against Marc Demane Debih, a Swiss national, who generated at least $49 million in illicit profits in connection with his active participation in two multi-year insider trading schemes.
The SEC's complaint alleges that Debih was a central figure in two separate schemes to trade in the securities of U.S. public companies in advance of news that these companies had been targeted for acquisition. Debih allegedly received illicit tips through a network that included two London-based investment bankers and a U.S.-based investment banker, all of whom the SEC charged in October 2019. The complaint alleges that Debih traded on the tips he received from the investment bankers and that he tipped others to trade. Debih is the eighth person the SEC has charged in connection with these schemes.
The SEC's complaint, filed in federal court in Manhattan, charges Debih with violating the antifraud provisions of Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. Debih has consented to the entry of a judgment which, if approved by the court, would permanently enjoin him from violating the charged provisions and would impose civil penalties, if any, to be decided later by the court.
In a parallel action, the United States Attorney's Office for the Southern District of New York brought criminal charges against Debih, who pleaded guilty to securities fraud. He is scheduled to be sentenced next month.
The SEC's investigation and litigation were conducted by Michael Foster of the Chicago Regional Office, Rua Kelly of the Boston Regional Office, John Rymas of the Market Abuse Unit, and Assunta Vivolo of the Philadelphia Regional Office, with assistance from Darren Boerner of the Market Abuse Unit, James D'Avino of the New York Regional Office, and Carlos Costa-Rodrigues, Marlee Miller, and Matthew Greiner of the Office of International Affairs. This case has been supervised by Joseph G. Sansone, Chief of the Market Abuse Unit. The SEC appreciates the assistance of the United States Attorney's Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.