FROM: U.S. SECURITIES AND EXCHANGE COMMISSION
The SEC alleges that accountant Donald S. Toth disregarded his fiduciary duty to a client when he illicitly purchased stock in O'Charley's Inc. — which operates or franchises restaurants under the brands O'Charley's, Ninety Nine Restaurant, and Stoney River Legendary Steaks - after the client revealed to him in a tax-planning meeting that Fidelity National Financial was planning to purchase the company. Toth contacted his financial advisor within the hour after this meeting with the O'Charley's board member and began making plans to purchase 5,000 shares of O'Charley's stock. Toth also tipped two other clients, including Blair G. Schlossberg. Schlossberg tipped his business partner Moshe Manoah and they jointly invested in O'Charley's stock using a brokerage account held in the name of Manoah's wife.
According to the SEC's complaint filed in federal court in Tampa, Fla. against Schlossberg and Manoah, when the tender offer was publicly announced approximately two months later, the price of O'Charley's stock closed 42 percent higher than the previous trading day. Schlossberg and Manoah's insider trading activity garnered illegal profits of more than $90,000.
The two have agreed to pay a combined total of more than $190,000 to settle the SEC's charges.
Schlossberg and Manoah are charged with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3. Without admitting or denying the allegations, they consented to the entry of judgments permanently enjoining them from violating these provisions of the securities laws. The settlements are subject to court approval.
Schlossberg, who lives in Holmes Beach, Fla., agreed to pay disgorgement of $46,358.50 in trading profits plus prejudgment interest of $2,981.02 and a penalty of $46,358.50 for a total of $95,698.02.
Manoah, who lives in Davie, Fla., agreed to pay disgorgement of $46,358.50 in trading profits plus prejudgment interest of $2,981.02 and a penalty of $46,358.50 for a total of $95,698.02.
The SEC's investigation was conducted by Elizabeth P. Skola with assistance from Aaron W. Lipson and Robert Schroeder in the Atlanta Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
Posts
I'm here to share my testimony of what a good trusted loan company did for me. My name is Nikita Tanya, from Russian and I’m a lovely mother of 3 kids I lost my funds on trying to get a loan it was so hard for me and my children, I went online to seek for a loan assistance all hope was lost until one fateful day when I met this friend of mine who recently secured a loan from a very honest man Mr, Benjamin. She introduced me to this honest loan officer Mr, Benjamin who helped me get a loan within 5 working days, I will forever be grateful to Mr Benjamin, for helping me get back on my feet again. You can contact Mr Benjamin via email: 247officedept@gmail.com they do not know I’m doing this for them, but i just have to do it because a lot of people are out there who are in need of a loan assistance please come to this honest man and you can be save as well .WhatsApp:(+1 989-394-3740)
ReplyDelete