July 15, 2014
The SEC charged a group of golfers with trading on material non-public information (MNPI), resulting in over $500,000 in illegal profits. The golfers must return their ill-gotten gains, with interest, and pay penalties of up to three times their gains.
The MNPI source belonged to the same country club as the ringleader, who fed the information to his golf buddies. “Whether tips are passed on the golf course, in a bar or elsewhere, the SEC will continue to track down those who seek an unfair advantage trading stocks,” said Paul Levenson, director of the SEC’s Boston Regional Office.