Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

'I Had a Dream' Defendant Ordered to Pay Millions in SEC Insider Trading Case

Bruce Carton | July 7, 2011

A Massachusetts' man's dream in which a deceased relative told him that she was "safe" continues to make his life miserable. Stupid dream!!

Carl Binette explained to the SEC that he bought Safeco call options shortly before Safeco was acquired because of the "safe" dream. The SEC did not buy that story and sued Binette for insider trading. Even worse for Binette, federal prosecutors from the DOJ also did not buy that story and charged Binette with obstruction of justice for making false statements to the SEC during the agency's investigation.

The most recent fallout from this costly dream is that on Tuesday, the judge overseeing the SEC case entered a final judgment against Binette and a co-defendant "finding them jointly and severally liable for a $615,000 disgorgement, plus prejudgment...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.