United States SEC Fines ex-President & CIO of Public-Listed Company Alfred V. Tobia Jr & Sister-in-Law Elizabeth Lee $1.36 Million for Insider Trading in 2021 Resulting in $428,000 Illegal Profits in Companies Spok Holdings & PFSWeb
15th January 2025 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined the ex-President & CIO of a public-listed company Alfred V. Tobia Jr & his sister-in-law Elizabeth Lee $1.36 million for insider trading in 2021, resulting in $428,000 illegal profits from trading in companies Spok Holdings & PFSWeb. United States SEC (13/1/25): “The Securities and Exchange Commission today charged Alfred V. Tobia, Jr., the former president and chief investment officer (CIO) of one public company and a member of the board of another, and his sister-in-law, Elizabeth Lee, with insider trading that resulted in more than $428,000 in illegal profits. The defendants have agreed to pay more than $1.36 million to settle the charges. According to the SEC’s complaint, Tobia allegedly breached his fiduciary duty as president and CIO of the public company by tipping Lee in the Summer of 2021 about his company’s plan to make an offer to acquire all of the outstanding shares of Spok Holdings Inc., after which Lee promptly placed trades to purchase Spok stock. When Tobia’s company later issued a press release announcing the offer, Spok’s stock price increased by approximately 26 percent. Within two days, Lee allegedly sold all of the Spok shares she had purchased, generating illicit profits of more than $262,000. In addition, while serving as a member of the board of the other public company, Tobia allegedly learned material nonpublic information about PFSWeb, Inc.’s sale of one of its business units known as LiveArea. Tobia allegedly tipped the information to Lee, who purchased 60,000 shares of PFSWeb and sold those shares once the LiveArea transaction was announced. As a result, Lee made more than $166,000 in profit. Without admitting or denying the allegations in the SEC’s complaint, which was filed in the U.S. District Court for the Southern District of New York, Tobia and Lee have both agreed to settle the SEC’s charges. In addition to agreeing to permanent injunctive relief, Tobia has agreed to be barred from serving as an officer or director of a public company for five years and to pay a civil penalty of $785,020. In addition, Lee has agreed to pay a civil penalty of $576,955. The settlements are subject to court approval.
“ United States SEC Fines ex-President & CIO of Public-Listed Company Alfred V. Tobia Jr & Sister-in-Law Elizabeth Lee $1.36 Million for Insider Trading in 2021 Resulting in $428,000 Illegal Profits in Companies Spok Holdings & PFSWeb “
United States SEC Fines ex-President & CIO of Public-Listed Company Alfred V. Tobia Jr & Sister-in-Law Elizabeth Lee $1.36 Million for Insider Trading in 2021 Resulting in $428,000 Illegal Profits in Companies Spok Holdings & PFSWeb
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