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.
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