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Tuesday, May 26, 2015

MICROSOFT EMPLOYEE AND FRIEND RESOLVE ALLEGATIONS OF INSIDER TRADING

FROM:  U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation ReleaSe No. 23261 / May 14, 2015
Securities and Exchange Commission v. Brian D. Jorgenson, et al., Civil Action No. 13-cv-02275 (W.D. Wash.)
Former Microsoft Employee and His Friend Resolve Insider Trading Case

The Securities and Exchange Commission today announced that a former Microsoft employee and his friend have agreed to settle insider trading charges filed in 2013 alleging that they unlawfully traded based on material nonpublic information misappropriated from Microsoft.

In consent judgments approved by the U.S. District Court for the Western District of Washington, Brian D. Jorgenson, a former Senior Portfolio Manager in Microsoft's corporate finance and investments division, and Sean T. Stokke, Jorgenson's long-time friend and business partner, admitted their unlawful conduct and consented to the entry of orders holding them jointly and severally liable for over $400,000 in ill-gotten gains realized from their illegal trading as well as prejudgment interest. Both men are enjoined from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. Jorgenson is also barred from acting as an officer or director of a public company.

Both men previously pled guilty to criminal charges arising out of the same conduct. Jorgenson was sentenced to 24 months in jail and Stokke was sentenced to 18 months in jail.

The SEC's litigation has been led by John V. Donnelly III and G. Jeffery Boujoukos of the SEC's Philadelphia Regional Office. The SEC's investigation was conducted by Brendan P. McGlynn, Patricia A. Paw, John S. Rymas, and Daniel L. Koster.

The SEC appreciates the assistance of the US Attorney's Office for the Western District of Washington, Federal Bureau of Investigation, Options Regulatory Surveillance Authority, and Financial Industry Regulatory Authority.

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