Two leaders at Spherix Capital have agreed to pay more than $2 million to settle a civil insider trading case. The Wall Street Journal reports that Spherix founder, Ali T. Far, and former president, Richard Choo-Beng Lee, agreed to pay disgorgement and prejudgment interest totaling $1.43 million, in addition to a civil penalty of $667,809.
According to the Wall Street Journal, Far and Lee pleaded guilty to criminal charges of insider trading and have worked with prosecutors in a massive insider trading probe. Their cooperation helped uncover the Galleon Group insider trading scheme.
The settlement was submitted to U.S. District Judge Jed S. Rakoff for approval.
Read the Wall Street Journal article
