Whistleblower
Advocates
Award Winning Attorneys
SEC Prosecutions
Combined Six-figure Sanction Against Three for Insider Trading Violations
SEC v. Sean S. Coghlan, Patrick S. Lay and Christopher W. Lay
- 2004
- $118,300
Charges of insider trading against a Human Resources Director at Kinko’s Inc., his friend and his friend’s brother. The H.R. Director tipped his friend about Kinko’s planned acquisition of ImageX, Inc., who then tipped his brother. The brothers purchased target shares a day before the announcement and sold immediately after, for profits of approximately $43,000. The brother who was both tippee and tipper paid the largest civil penalty and the H.R. Director received credit for cooperation.
