The trader was the first cooperating witness to take the stand for the Securities and Exchange Commission in a courtroom battle—a milestone for an agency that in its civil enforcement actions that hasn’t historically used that tactic. The SEC brings civil actions related to alleged securities violations, and until recently hasn’t relied on cooperators in the way that criminal prosecutors do.
Mr. King testified as part of an expanding cooperation program, started in 2010 but now drawing widespread attention. The agency has signed 91 cooperation agreements so far and has more on the way, officials said. Three cooperators have testified in court, including Mr. King.
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