Federal Reserve Bank of Richmond examiner pleads guilty to insider trading
By 
Aaron Nicodemus2024-11-20T18:15:00
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
Robert Thompson pled guilty in U.S. District Court for the Eastern District of Virginia to one count of insider trading and one count of making false statements, the Department of Justice (DOJ) announced in a press release Tuesday. He faces up to 20 years in prison.
Federal Reserve Bank examiners are privy to confidential information about the banks they oversee, including confidential supervisory information (CSI). From 2020-24, the DOJ said Thompson executed 69 trades on banks under Federal Reserve Bank supervision that netted him nearly $772,000 in personal profits using confidential information, including CSI.
Related articles
-
News BriefEx-Apple insider trading compliance head fined $1.1M for insider trading
A former Apple attorney who oversaw the company’s compliance with insider trading rules will pay a $1.1 million fine to settle insider trading charges levied by the Securities and Exchange Commission.
-
News BriefWestpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
-
News BriefCCO among 12 individuals charged in DOJ, SEC insider trading sweep
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
More from Regulatory Enforcement
-
ArticleFATF focus on criminal asset recovery points to a more investigatory role for compliance
Global organised crime is booming, and only 1 to 2 percent of the $4 trillion black economy is intercepted, according to figures from the Financial Action Task Force. Its new guidance suggests that countries should focus on rapid investigations, collaborative intelligence gathering, and confiscating the proceeds of criminal activity.
-
ArticleCrypto network Paxful will plead guilty to BSA violations, pay $4M fine, shut down
Paxful, a crypto peer-to-peer network, will plead guilty to multiple federal criminal charges related to violations of the Bank Secrecy Act (BSA), among others. The plea agreement follows years of scrutiny from regulators over anit-money laundering (AML) compliance failures.
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.