SEC Charges Former Financial Industry Analyst and Three Others with Insider Trading

The Securities and Exchange Commission today announced charges against Anthony Viggiano, a former analyst at a major investment firm and later at an international investment bank, and Christopher Salamone, Stephen A. Forlano, and Nathan Bleckley, for insider trading in advance of numerous merger and acquisition transactions.

According to the SEC’s complaint, in connection with his work at two financial institutions, Viggiano learned about impending merger and acquisition transactions and strategic partnerships before they were publicly announced. Viggiano, a resident of Baldwin, New York, allegedly obtained material nonpublic information about eight such transactions and tipped his friend Salamone, who grew up on the same block and whom he has known for approximately 20 years, about at least six of them. Salamone, a resident of Long Beach, New York, allegedly traded in advance of the six transactions, resulting in proceeds of approximately $322,000. Salamone allegedly agreed to share his trading proceeds with Viggiano because Viggiano’s own employer prohibited him from engaging in such trades. The complaint further alleges that Viggiano tipped his close college friend Forlano about at least four transactions and that Forlano made approximately $113,000 in illegal profits trading in advance of three of those transactions. Forlano, a resident of Tampa, Florida, also allegedly tipped other individuals, including his close, college friend Bleckley, a resident of Altus, Oklahoma, who traded in advance of two transactions, resulting in illegal gains of almost $25,000.

Source: | SEC Charges Former Financial Industry Analyst and Three Others with Insider Trading