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May 16, 2013

SEC Wraps Up ‘Golden Goose’ Case with Final Settlements

The Securities and Exchange Commission has reached settlements with the final defendants in an insider trading case nearly five years after the “golden goose” at the heart of the case dried up.

Federal authorities had alleged that Matthew Devlin improperly shared information obtained from his wife about mergers, hostile-takeover bids and a share buyback with a co-worker at Lehman and others before the deals were publicly announced. His wife, who worked at communications firm Brunswick Group LLC, wasn’t accused of wrongdoing.

On Wednesday, the SEC announced that two traders, Daniel Corbin and Jamil Bouchareb, agreed to pay $1.2 million to resolve the securities regulator’s allegations. Messrs. Corbin and Bouchareb previously pleaded guilty to criminal charges in the matter.”

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Read full Wall Street Journal article here

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