Hedge Fund Tipster DeVore Settles With SEC

Jul 28 2011 | 11:18am ET

One of the first people to plead guilty in the expert-network insider-trading case has settled the Securities and Exchange Commission's charges against him.

Daniel DeVore, a former global supply manager at Dell Inc., will pay $151,848.50 in disgorgement and pre-judgment interest. But the SEC did not seek a civil penalty due to DeVore's cooperation with both it and prosecutors.

DeVore pleaded guilty in December to passing confidential information to hedge funds and other clients of three expert-networks, including the firm at the center of the investigation, Primary Global Research, between 2007 and August. According to the SEC, that information including Dell's internal sales forecasts and purchasing information. He allegedly received about $145,000 for his tips.

In addition to the disgorgement, DeVore has been barred from serving as an officer or director of a public company. He will be sentenced on the criminal charges in 2013.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of