Exec settles insider trading case

The SEC has settled with the owner of an investor relations firm who illegally traded the stock of Manatron Inc., an information technology company.
OCT 24, 2008
The Securities and Exchange Commission has settled with the owner of an investor relations firm who illegally traded the stock of Manatron Inc., an information technology company. The SEC's complaint, which was filed in the U.S. District Court for the District of Arizona, charged Brett C. Maas, the former owner of Hayden Communications Inc. of San Diego, the investor relations firm that represented Manatron of Portage, Mich., with insider trading. He purchased shares just before Thoma Cressey Bravo, a Chicago-based private-equity firm, bought the company. After Mr. Maas purchased 20,000 Manatron shares Jan. 14, the company issued a press release the following day saying that it would be acquired. That pushed the closing price of Manatron's stock up 32%. Mr. Maas sold the shares later that day, realizing a profit of $59,077. Under the terms of the settlement, he will return his profit and will pay a financial penalty of $29,538, a payment of $88,615.

Latest News

Ex-JPMorgan banker refiles harassment claims in federal court
Ex-JPMorgan banker refiles harassment claims in federal court

Chirayu Rana has added two executives as defendants after dropping his state case against JPMorgan Chase last week.

Betterment lawsuit just scratches the surface on cash sweep conflicts, says Max CEO
Betterment lawsuit just scratches the surface on cash sweep conflicts, says Max CEO

A class action over the digital brokerage's cash sweep program only hints at an industry-wide reckoning over how client cash is handled, says Gary Zimmerman.

Pontera launches bulk rebalancing to ease advisors' 401(k) workload
Pontera launches bulk rebalancing to ease advisors' 401(k) workload

New tool lets advisory teams manage shared retirement-plan accounts en masse as Vanguard retirement plan data show rising exposures to equities across demographics.

Survey finds many Americans don’t know their own net worth
Survey finds many Americans don’t know their own net worth

Three in four Americans can’t estimate their net worth without checking an app or account, according to a new Western & Southern survey.

Ameriprise boasts $1B AI spend as rivals race for tech leadership
Ameriprise boasts $1B AI spend as rivals race for tech leadership

Ameriprise's tech spending declaration lands amid a wider broker-dealer arms race, with Edward Jones, Raymond James and LPL all expanding AI tools for advisors

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income