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SEC Settles Insider Case Based on Credit Card Sales Data

Bruce Carton | December 23, 2015

The SEC announced a partial settlement today in an unusual insider trading case that it brought earlier this year against Bonan Huang and Nan Huang -- two former employees in the fraud department at Capital One Financial Corp. The SEC stated that Bonan Huang had agreed to pay disgorgement, prejudgment interest and a penalty totaling more than $4.7 million to settle the agency's charge that he profited from material inside information about credit card transactions that he misappropriated from Capital One.

Specifically, the SEC alleged in a January 2015 complaint that as part of their jobs, Bonan Huang and Nan Huang had access to a nonpublic database at Capital One 

that recorded the credit card activity for millions of customers at numerous, predominantly consumer retail corporations. The Defendants conducted...

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