February 20, 2019

Following charges in 2017, two individuals have been sentenced for their roles in an insider trading scheme that used information from co-conspirator Daniel Rivas, who was employed by an investment bank. Robert Rodriguez was sentenced to one year in prison and Michael Siva was sentenced to 18 months.  Rivas supplied his co-conspirators with information from the investment bank’s deal tracking system about upcoming mergers and acquisitions before they were publicly announced.  Rodriguez, Siva, and others in their tipping chains then traded on the information, earning more than $5 million in illicit profits on more than two dozen securities.  USAO SDNY; USAO SDNY

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Insider Trading, Securities Fraud,