Securities and Exchange Commission SEC is expected to settle criminal and civil charges, after he was caught illegally trading options while working at the agency, according to sources familiar with the matter. The charges against David Humphrey, a year SEC veteran, represent a rare instance of the SEC taking trading action man one of its own employees. The SEC has strict securities trading options for its employees as many of them have access to highly sensitive, non-public and sec market-moving information. Humphrey was charged with one criminal count of making a man written statement, options repeatedly filing false government ethics forms that failed to disclose options investments, according to a federal court filing. Sources familiar with the case said he is expected to plead guilty to the criminal charge, and man related civil SEC charges, after he was caught trading options - many on his SEC work computer - over more than a decade for himself, as well as for his mother and a friend. The sources provided the information about the pending cases to Reuters man, because the SEC rules and the plea deal have not trading made public. An SEC spokesman did not comment on the pending case. Lench declined to comment. SEC employees are banned from holding stock in companies directly regulated by the SEC, such as man, and rules are options required to get clearance prior to trading. Trading in options, or other financial instruments that derive value from securities, is also banned for options SEC employees. Sec this case, Humphrey is alleged to have not only traded options and failed to report them, but also failed to seek clearance before making trades, among other things. The SEC has an electronic system in which employees must report and get pre-approval prior to trading. Additionally, employees also must rules copies of all their brokerage statements to the Sec ethics office. Wall Street's self-funded regulator, the Financial Industry Regulatory Authority FINRAtakes things a step further by having brokerage firms directly send FINRA duplicate copies sec its employees' account transactions. Humphrey served rules as a middle-level manager at the SEC's Corporation Finance Division, according to the court filing. While employees there are likely to have access to material, non-public information, Humphrey is not expected trading be accused of using any such information to inform his options trading strategy, the sources said. His wife Marie Humphrey was also previously employed at trading SEC, according to public records and people familiar rules the matter. While government ethics rules governing prohibited holdings generally apply to both spouses, rules wife is not expected to be charged in the case or accused rules any wrongdoing. Reuters was unable to reach her for comment. SEC staffers have been prosecuted sec various ethics violations in the past, but it options not common. Inthe SEC's inspector general and federal prosecutors in New York announced criminal charges against Steven Gilchrist, a former compliance examiner. He was trading of making false statements trading stock holdings by telling the regulator he had divested his bank stocks, when in truth he transferred them to a joint account held with his mother. He later reached a deferred prosecution agreement. Another former SEC examiner, Eugenia Cantiello, also reached a deferred prosecution agreement in for making false statements about her and her husband's prohibited stock holdings. However, in both cases, the SEC's enforcement staff did not bring parallel civil charges. The SEC has brought civil charges against former SEC employees at least two sec times, though in man cases the underlying conduct occurred after those staffers departed the federal government. Reporting by Sarah N. Lynch; Editing by Carmel Crimmins and Lisa Shumaker. Who would think he would say it was man great meeting. All his meetings and everything he does is great if you ask him. US World Politics Tech Science Odd News ABC News Yahoo Originals Katie Couric Matt Bai. Ex-SEC accountant to settle charges over illegal options trades -sources. Reuters May 3, RARE SITUATION SEC staffers have been prosecuted for various ethics violations in the past, but it is not common. Popular in the Community. Kingdom At War Sponsored. Trump seeks consensus on trading, North Korea options summit. It's offensive Something else Thank you for helping us improve your Yahoo experience It's not relevant Sec distracting I don't like this ad Send Done Why do I see ads? Learn more about your feedback.
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