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

JPMorgan's record Q2 profit rides trading and dealmaking surge
JPMorgan's record Q2 profit rides trading and dealmaking surge

Investment banking fees rose 30% on a wave of IPOs and megadeals, led by the largest public listing on record.

Feathery raises $30 million to power AI-driven RIA operations
Feathery raises $30 million to power AI-driven RIA operations

Series A funding from Portage, Bain Capital, and other investors will fuel data tools designed to speed advisor transitions and cut onboarding delays across wealth firms.

Wealth Enhancement deepens East Coast presence with Wealthshield deal
Wealth Enhancement deepens East Coast presence with Wealthshield deal

The Minneapolis-based RIA aggregator is adding two North Carolina practices managing nearly $1 billion, pushing its total client assets past $158.2 billion.

The real reason I expanded my RIA to Hong Kong (it wasn't for the AUM)
The real reason I expanded my RIA to Hong Kong (it wasn't for the AUM)

As markets disintegrate, the value of on-the-ground, first-hand research through "intimate knowledge acquisition" is skyrocketing.

Caprock expands Texas footprint with $4B Venturi acquisition
Caprock expands Texas footprint with $4B Venturi acquisition

Deal brings 10 advisors and deeper family office reach to Austin market.

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