SEC v. Robert Brian Thompson

Robert Brian Thompson was charged with insider trading in stock and options of two publicly traded banks that were under his supervisory purview. According to the SEC’s complaint, Thompson obtained a preview of an upcoming positive earnings announcement by one of the banks and used that information to buy $678,000 worth of the bank’s stock hours before the scheduled announcement. According to the SEC’s complaint, Thompson learned that a different bank would be disclosing unexpected loan losses worth hundreds of millions of dollars and then used that information to buy thousands of put options on the bank’s stock two days before the scheduled announcement. According to the SEC’s complaint, Thompson obtained ill-gotten profits of $584,873 from these unlawful trades.

Summary generated from official Securities and Exchange Commission press release