Former Domino’s accountant ordered to pay $2M penalty for insider trading ahead of 12 different earnings announcements between 2015-2020. : stocks

https://www.sec.gov/information/press-release/2022-66

The Securities and Trade Fee immediately introduced a court-approved settlement requiring a Michigan-based former accountant at Domino’s Pizza Inc. to pay a penalty of practically $2 million for insider buying and selling within the firm’s inventory. The SEC’s grievance, filed April 13, 2022 within the U.S. District Court docket for the Japanese District of Michigan, alleged that Bernard L. Compton used confidential monetary information he obtained by way of his function as an accountant on the company workplace of Domino’s to commerce forward of 12 of the corporate’s earnings bulletins between 2015 and 2020. The SEC additional alleged that Compton unfold these trades throughout seven totally different brokerage accounts belonging to himself and numerous members of his household, which led to illicit earnings of greater than $960,000.

“The SEC investigation uncovered that Compton allegedly accessed and reviewed Domino’s confidential information to organize monetary efficiency experiences for senior administration,” stated Joseph G. Sansone, Chief of the SEC’s Market Abuse Unit. “Utilizing revolutionary analytical instruments, SEC employees uncovered the defendant’s repeated misuse of this inside data and are actually holding him accountable.”