Wednesday, 10 February 2016
Last updated 1 hour ago
Apr 29 2011 | 12:55pm ET
Jonathan Hollander has reached a settlement with the U.S. Securities and Exchange Commission over insider-trading allegations dating to his time as an analyst with Steven A. Cohen’s $12 billion SAC Capital Advisors.
Reuters says Hollander has agreed to pay about $222,000, including a fine and restitution of profits made by him, a family member and a friend based on a January 2006 tip about the buyout of the Albertsons’ super market chain.
Cohen was not named in the SEC complaint.
"Jonathan has decided to settle this matter rather than engage in costly and protracted litigation with the SEC," Hollander's lawyer, Aitan Goelman, told Reuters. "He is gratified to have the matter behind him and looks forward to moving on."
Hollander’s settlement was announced the same day another former SAC Capital employee, Donald Longueuil, pleaded guilty to securities fraud and conspiracy charges in an unrelated case.
Hollander’s case stems from an SEC investigation that resulted in the October conviction of Joseph Contorinis, former Jeffries Group manager, on charges that he made over $7 million on the Albertsons’ buyout tip.
In settling with the SEC, Hollander neither admitted nor denied the allegations.