Former EY director to pay $24K for insider trading


A former Ernst & Young business development director agreed to pay $23,900 to settle charges levied by the Securities and Exchange Commission (SEC) he engaged in insider trading.

Michael Weiss had access to his clients’ confidential and sensitive business information while working for the Big Four firm, according to the SEC’s complaint, filed Wednesday in U.S. District Court for the Southern District of New York.

On four occasions, after learning about pending acquisitions, prospective business strategies, and financial projections concerning four of his client companies, Weiss purchased shares of those companies’ respective stocks, the SEC said. His alleged misconduct occurred between July 2014 and September 2015.

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