United States Securities and Exchange Commission
Litigation Release No. 17792A / October 18, 2002
United States v. Barry L. Saffer, 02 CR 864 (NRB) (S.D.N.Y. October 17, 2002)
Securities and Exchange Commission v. Barry L. Saffer, 02 CIV 5117 (SWK) (S.D.N.Y.)
Barry L. Saffer, Former Senior Financial Official Of Manugistics Group, Inc., Sentenced to Two Years for Illegal Insider Trading
On October 17, 2002, Barry L. Saffer, a former Director of Financial Planning and Analysis with Manugistics Group, Inc. in Rockville, Maryland, was sentenced to twenty-four months of incarceration for illegal insider trading. See United States v. Barry L. Saffer, 02 CR 864 (NRB) (S.D.N.Y.). The court delayed ordering restitution pending resolution of a civil enforcement action filed against Saffer by the Commission which seeks disgorgement and other remedies. The Honorable Naomi Reice Buchwald of the United States District Court for the Southern District of New York imposed the sentence.
On July 2, 2002, Saffer pleaded guilty to ten counts of securities fraud. Saffer obtained nonpublic company information by virtue of his position with Manugistics and traded in advance of company news announcements on multiple occasions over a three-year period from January 1999 through March 2002.
Also on July 2, 2002, the Commission filed a related civil action against Saffer alleging that he violated the anti-fraud provisions of the federal securities laws by engaging in illegal insider trading. See SEC v. Barry L. Saffer, Litigation Release No. 17597 (July 3, 2002). The Commission seeks an injunction, disgorgement with prejudgment interest, and a penalty. The civil action is pending.