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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

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
Securities
Enforcement Agency
SEC
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Complaint
2/16/2010
Contractors Involved Penalty
Total
World Fuel Services $423,225
Further Information Released
SEC Order (Scoppetuolo) 8/5/2011
Complaint 2/16/2010
SEC Press Release 2/16/2010

Federal Contractor Misconduct Database