Securities and Exchange Commission v. Dean A. Goetz
Published: Jul. 30, 2011 | Result Date: Jun. 8, 2011 | Filing Date: Jan. 1, 1900 |Case number: 3:11-cv-01220-IEG-NLS Settlement – $23,761
Court
USDC Southern District of California
Attorneys
Plaintiff
Defendant
Facts
The Securities and Exchaneg Commission filed a complaint alleging unlawful insider trading against Dean Goetz, an attorney. Goetz's daughter was home for the holidays. At that time, she was employed in a large international law firm who was working on an impending merger and acquisition involving Abbott Laboratories and Advanced Medical Optics, Inc. It was alleged that Goetz misappropriated material and nonpublic information regarding the impending transaction while her daughter worked in the family home. On the day the deal was scheduled to be announced, defendant bought shares of Advanced Medical Optics on an account he had not accessed in almost a year. Days later the merger was publicly announced and Goetz sold all the shares he previously bought, making a $11,418 profit.
Injuries
Violations of the Securities Exchange Act of 1934 Sections 10(b) and 14(e) and Rules 10b-5 and 14e-3.
Result
Goetz will repay $23,761 to the SEC.
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