<span id="midArticle_start"/><span id="midArticle_0"/> May 28 A former Wells Fargo & Co analyst has agreed to pay $75,000 to resolve charges byU.S. regulators that he engaged in insider trading with anemployee at the bank.
<span id="midArticle_1"/>The U.S. Securities and Exchange Commission revealed thesettlement with Gregory Bolan, the trader, in an order madepublic Thursday. The agency previously confirmed reaching a dealin March ahead of a trial but did not at the time provide terms.
<span id="midArticle_2"/>Wells Fargo will also pay another $29,231 that Bolan wasalso ordered to pay, according to the order. The bank previouslyset aside $117,000 to cover any illicit profits that Bolan orthe trader, Joseph Ruggieri, were ordered to disgorge.
<span id="midArticle_3"/>Bolan neither admitted nor denied wrongdoing in thesettlement and is allowed to continue working in the industry,said Sam Lieberman, his lawyer.
<span id="midArticle_4"/> <span class="first-article-divide"/>"This is a great result for Mr. Bolan, because it ends theSEC case against him while permitting him to go back to workimmediately," he said.
<span id="midArticle_5"/>The settlement was reached on the eve of a trial before anSEC administrative law judge over charges the SEC first leveledagainst Bolan and Ruggieri in September.
<span id="midArticle_6"/> <span class="second-article-divide"/>The SEC had alleged that Ruggieri, who worked at Wells Fargoin New York, in 2010 and 2011 traded on tips about six ratingschanges made by Bolan, an analyst in Nashville, Tennessee, forcompanies including Parexel International Corp.
<span id="midArticle_7"/>The trading enabled Wells Fargo to make more than $117,000,the SEC said. The SEC also previously said that Bolan tipped offa friend who has since died who was able to reap $10,000.
<span id="midArticle_8"/> <span class="third-article-divide"/>Ruggieri denies wrongdoing. Ahead of trial, both he andBolan argued the case should be dismissed following a Decemberruling by the 2nd U.S. Circuit Court of Appeals in New York thatlimited the reach of insider trading laws.
<span id="midArticle_9"/>SEC Administrative Law Judge Jason Patil called thatargument an "exceedingly close matter" in a February ruling. Hehas yet to rule on whether to hold Ruggieri liable following thetrial's close.
<span id="midArticle_10"/>The case is In the Matter of Bolan and Ruggieri, U.S.Securities and Exchange Commission, Administrative ProceedingNo. 3-16178. (Reporting by Nate Raymond in New York; Editing by LisaShumaker)
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<span id="midArticle_1"/>The U.S. Securities and Exchange Commission revealed thesettlement with Gregory Bolan, the trader, in an order madepublic Thursday. The agency previously confirmed reaching a dealin March ahead of a trial but did not at the time provide terms.
<span id="midArticle_2"/>Wells Fargo will also pay another $29,231 that Bolan wasalso ordered to pay, according to the order. The bank previouslyset aside $117,000 to cover any illicit profits that Bolan orthe trader, Joseph Ruggieri, were ordered to disgorge.
<span id="midArticle_3"/>Bolan neither admitted nor denied wrongdoing in thesettlement and is allowed to continue working in the industry,said Sam Lieberman, his lawyer.
<span id="midArticle_4"/> <span class="first-article-divide"/>"This is a great result for Mr. Bolan, because it ends theSEC case against him while permitting him to go back to workimmediately," he said.
<span id="midArticle_5"/>The settlement was reached on the eve of a trial before anSEC administrative law judge over charges the SEC first leveledagainst Bolan and Ruggieri in September.
<span id="midArticle_6"/> <span class="second-article-divide"/>The SEC had alleged that Ruggieri, who worked at Wells Fargoin New York, in 2010 and 2011 traded on tips about six ratingschanges made by Bolan, an analyst in Nashville, Tennessee, forcompanies including Parexel International Corp.
<span id="midArticle_7"/>The trading enabled Wells Fargo to make more than $117,000,the SEC said. The SEC also previously said that Bolan tipped offa friend who has since died who was able to reap $10,000.
<span id="midArticle_8"/> <span class="third-article-divide"/>Ruggieri denies wrongdoing. Ahead of trial, both he andBolan argued the case should be dismissed following a Decemberruling by the 2nd U.S. Circuit Court of Appeals in New York thatlimited the reach of insider trading laws.
<span id="midArticle_9"/>SEC Administrative Law Judge Jason Patil called thatargument an "exceedingly close matter" in a February ruling. Hehas yet to rule on whether to hold Ruggieri liable following thetrial's close.
<span id="midArticle_10"/>The case is In the Matter of Bolan and Ruggieri, U.S.Securities and Exchange Commission, Administrative ProceedingNo. 3-16178. (Reporting by Nate Raymond in New York; Editing by LisaShumaker)
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