The Securities and Exchange Commission has charged a former Ernst & Young partner, an investment banker and her father with insider trading involving information about potential M&A transactions.

The SEC said the scheme resulted in nearly $600,000 in illicit profits. In the complaint, the SEC alleges that from approximately summer 2006 through fall 2007, James E. Gansman, a former partner in Ernst & Young's Transaction Advisory Services department, tipped his friend Donna Murdoch, managing director of a Philadelphia-based investment business, about the identities of at least seven different acquisition targets of clients who sought valuation services from E&Y.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access