Sunday, 21 December 2014
Last updated 6 hours ago
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.
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