SEC v. Scoppetuolo, et al. (Insider Trading)
The Securities and Exchange Commission filed a complaint against Steven Scoppetuolo, Robert Tocci, Sarang Ahuja, Richard White, and Eric Gordon, alleging they engaged in illegal insider trading in 2007, from which they reaped more than $1 million in profits. The SEC alleges that Scoppetuolo, a World Fuel executive, tipped his best friend, Tocci, the company’s former Chief Financial Officer, about material, non-public information related to its earnings. Scoppetuolo or Tocci allegedly tipped their securities broker, Ahuja. White, World Fuel’s Vice President of Tax, allegedly sold short stock while in possession of material, non-public information, and unlawfully tipped former World Fuel executive Gordon about World Fuel’s non-public earnings. Scoppetuolo settled with the SEC in April 2011—he agreed to pay a $75,000 civil penalty. Tocci settled with the SEC in March 2011—he agreed to pay $336,483 in disgorged profits and prejudgment interest. White settled with the SEC in January 2011—he agreed to pay $11,742 in disgorged profits, prejudgment interest, and civil penalties. Gordon settled with the SEC in August 2011—his penalty has not been finalized.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Complaint
|World Fuel Services||$423,225|