The SEC charged Oscar Wu, a portfolio manager for a registered investment adviser based in New York, New York with insider trading. The SEC found that from March 2011 until April 2013 knowingly or recklessly traded on and tipped material non-public information in breach of duties he owed to his former investment adviser employer and to the shareholders of the company his former employer advised.
The SEC alleged that, in the course of his employment as a portfolio manager for his former employer, Wu learned material, non-public information about a planned patent acquisition and revenue-sharing agreement between two prominent telecommunications companies. According to the SEC, Wu used this information to place trades in the account of a relative, thereby generating $9,469 in illegal profits, and then also tipped another relative, who traded in her own account, generating $7,440 in illegal profits.
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