FINRA Bars Two Former Registered Reps from Securities Industry for Insider Trading

The Financial Industry Regulatory Authority (FINRA) announced today that it has barred two former registered representatives, Peter D. Kelly and Daniel K. Ivandjiiski, from the securities industry for insider trading.

FINRA barred Kelly, the former head of sales and trading of Calyon Securities (USA) Inc., for tipping three friends about a pending merger between Duratek, Inc. and EnergySolutions LLC.  Kelly did not purchase Duratek shares personally and did not receive profits from the sale of Duratek shares by others.

FINRA barred Ivandjiiski for buying shares of Hawaiian Holdings, Inc, one day before Hawaiian Holdings publicly announced that it had reached an agreement with its creditors to increase Hawaiian Airlines’ credit lines by $91 million. FINRA alleges that before the financing deal for Hawaiian Holdings was announced, Ivandjiiski obtained confidential documents containing material information concerning the impending deal. FINRA alleges that Ivandjiiski profited a total of $780 by trading on this information.

FINRA stated that In settling these matters, neither Kelly nor Ivandjiiski admitted nor denied the charges, but consented to the entry of FINRA’s findings.