Wednesday, April 10, 2013

SEC settles with woman whose brother sent her tips to SAC manager

Reuters reports that a former employee at a medical devices company who leaked illegal tips to her younger brother, who then passed them to a former SAC Capital Advisors LP fund manager and others, has agreed to pay $144,910 to settle U.S. Securities and Exchange Commission civil fraud charges.

The SEC charged ThanhHa Bao, 57, with regularly passing quarterly earnings of Abaxis Inc, where she worked in the finance department, to her brother Tai Nguyen from 2006 to 2009.  It said Nguyen then sold the information to Noah Freeman, who worked at Sonar Capital Management LLC and later at SAC, and Barai Capital Management LP founder Samir Barai, resulting in more than $7.2 million of illegal gains based on the tips….

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