Finance: US Authorities Penalize Insider Traders with $66.8 Million in 2024
Major Penalties for Insider Trading
In 2024, the Securities and Exchange Commission (SEC) levied a staggering $66.8 million against insider traders amid 228 cases, with 26 directly related to illicit trading. This figure underscores the agency’s commitment to addressing insider trading, which undermines financial markets integrity.
Details of High-Profile Cases
A significant portion of the penalties stemmed from a major case involving $39.5 million against Michael Yin and Benjamin Chow, reflecting both the severity of the infractions and the SEC's resolute stance on upholding investor trust.
Other Notable Cases
- Former Coinbase product manager's case against Sameer Ramani:
- Ramani fined $2.4 million linked to nonpublic information.
- Federico Nannini profiting over $1.1 million through insider trading tactics.
The uptick in insider trading cases in Q3 of 2024 indicates a robust SEC dedication to reaffirming integrity within the financial markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.