SEC v. Robert Brian Thompson

Robert Brian Thompson allegedly used material nonpublic information to trade in stock and options of two publicly traded banks that were under his supervisory purview. According to the SEC's complaint, in October 2023, Thompson obtained a preview of an upcoming positive earnings announcement by one of the banks in his supervisory portfolio and bought $678,000 worth of the bank's stock hours before the scheduled announcement, which resulted in $79,346 of ill-gotten profits. The SEC's complaint further alleges that, in January 2024, Thompson learned that a different bank in his supervisory portfolio would be disclosing unexpected loan losses worth hundreds of millions of dollars as part of an upcoming earnings announcement and leveraged that material nonpublic information to buy thousands of options on the bank's stock two days before the scheduled announcement, which led to $505,527 of ill-gotten profits.

Summary generated from official Securities and Exchange Commission press release