Securities and Exchange Commission v. Robert M. Munakash, Carlos A. Rodriguez, Marc Winters
Published: Jan. 28, 2017 | Result Date: Dec. 7, 2016 | Filing Date: Jan. 1, 1900 |Case number: 2:16-cv-00833-R-JC Bench Decision – $200,907
Court
USDC Central
Attorneys
Plaintiff
Gary Y. Leung
(Securities and Exchange Commission)
Defendant
Milena Dolukhanyan
(Gartenberg, Gelfand & Hayton LLP)
Edward Gartenberg
(Gartenberg, Gelfand & Hayton LLP)
Facts
The Securities and Exchange Commission brought a complaint against defendants alleging securities fraud.
Contentions
PLAINTIFF'S CONTENTIONS:
The SEC contended that defendants committed insider trading with respect to the securities of GSI Commerce Inc. Specifically, it claimed that defendants purchased more than $600,000 worth of securities based on material nonpublic information that Munakash misappropriated from a GSI executive.
DEFENDANT'S CONTENTIONS:
Munakash denied the SEC's allegations and asserted various affirmative defenses.
Result
Pursuant to the settlement agreement reached between the parties, Munakash was permanently restrained and enjoined from violating the Securities and Exchange Act and Rule 10b-5. He will also disgorge his trading profits in the amount of $212,975 and pay a civil penalty in the amount of $200,907.
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