Reuters: Regulatory News: SEC says new settlements end 'Golden Goose' insider trading case

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SEC says new settlements end 'Golden Goose' insider trading case May 15th 2013, 23:09 Wed May 15, 2013 7:09pm EDT * Jamil Bouchareb, Daniel Corbin settle civil cases * Tips said to be misappropriated from PR firm executive May 15 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday said it has reached settlements with the last two defendants in an insider trading probe known as the "Golden Goose" case, which had been based on secrets stolen from an executive at a public relations firm. Jamil Bouchareb agreed to pay about $1.05 million and fellow trader Daniel Corbin agreed to pay about $191,000 in disgorged profit plus interest to settle the SEC's civil cases, after having previously pleaded guilty to related criminal charges. Federal investigators accused the men of making trades based on tips about pending mergers between 2005 and 2008 from Matthew Devlin, a former Lehman Brothers Holdings Inc broker. Investigators said Devlin misappropriated the information by listening to conversations of his wife Nina, an executive at public relations firm Brunswick Group LLC who worked on mergers, and assessing her travel schedule. According to documents, Matthew Devlin shared tips with friends about transactions including Novartis AG's purchase of Eon Labs, InBev NV's purchase of Anheuser-Busch Cos, and Electronic Arts Inc's unsolicited bid for Take-Two Interactive Software Inc. Nina Devlin was not implicated in wrongdoing. Investigators said people involved in the scheme called her the "Golden Goose" because of the valuable information obtained wrongly from her. Following their guilty pleas, Bouchareb was sentenced to 2-1/2 years in prison and agreed to forfeit nearly $1.6 million, while Corbin was sentenced to six months in prison and agreed to forfeit $1 million. Devlin was sentenced to three years probation in March 2012 after cooperating with authorities, and wearing a recording device, to help them bring charges against others. Bouchareb's lawyer Lilly Ann Sanchez said on Wednesday: "We are pleased to have settled the SEC matter. My client is anxious to go on with his life, and have these matters put behind him." A lawyer for Corbin was not immediately available for comment. Antonia Chion, an associate director in the SEC's enforcement division, said all participants in the Golden Goose case "have now been brought to justice." The case is SEC v. Devlin et al, U.S. District Court, Southern District of New York, No. 08-11001. Link this Share this Digg this Email Reprints

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