SEC bars Long Island broker for insider trading

Agency says Tibor Klein used 'material, non-public information'
MAY 23, 2018
The Securities and Exchange Commission has barred Tibor Klein, a former investment adviser and registered representative, for having used material, non-public information to purchase King Pharmaceuticals stock for himself and his clients before Pfizer Inc. purchased the company in 2010. In a complaint, the SEC also alleged that Mr. Klein, who operated Klein Financial Services in Valley Stream, N.Y., from October 2009 through October 2016, gave the acquisition information to a good friend, who was associated with a registered broker-dealer, and who also purchased King shares based on Mr. Klein's tip. In February, Mr. Klein was sentenced to six months in prison after pleading guilty to insider trading. He also was sentenced to six months of house arrest and 250 hours of community service, according to a Reuters report, and ordered to forfeit $37,225 and pay a $20,000 fine. Last July, he pleaded guilty to one count of conspiracy to commit securities fraud. The SEC bar is the result of the commission's civil charges against Mr. Klein, which were filed in September 2013 but put on hold until the resolution of the criminal case.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave