“The Securities and Exchange Commission on Thursday charged a former senior portfolio manager at Microsoft Corp., along with his friend and business partner, with insider trading,” Anna Prior reports for The Wall Street Journal.
“The SEC alleged former Microsoft employee Brian D. Jorgenson obtained confidential information about coming company news through his work in the technology company’s corporate finance and investments division and tipped Sean T. Stokke in advance of the company’s announcements,” Prior reports. “In the case of Messrs. Jorgenson and Stokke, the SEC alleged Thursday the pair equally split the profits in their shared brokerage accounts after Mr. Stokke traded on the information Mr. Jorgenson provided. The agency added that the two were trying to generate enough profits to create their own hedge fund.”
“According to the SEC’s complaint,” Prior reports, “the pair made a combined $393,125 in profits from the scheme, which dates back to April 2012, and it alleged Mr. Stokke first traded in advance of a public announcement that Microsoft intended to invest $300 million in Barnes & Noble Inc.’s e-reader business and later traded ahead of the filing of two quarterly financial reports.”
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