Bloomberg News

Toronto Banker to Pay $340,000 in SEC Inside-Trading Case

April 16, 2013

A Toronto-based investment banker will pay more than $340,000 to settle U.S. regulatory claims that he made illegal trades based on confidential information that U.K. firm Tomkins Plc was a target for an acquisition.

Richard Bruce Moore, who worked at the Canadian Imperial Bank of Commerce, obtained the information in 2010 through his job pitching investment ideas to the Canada Pension Plan Investment Board, the Securities and Exchange Commission said today in a statement.

Moore used an account in the Channel Islands to buy Tomkins U.S. securities in the weeks before the CPPIB and a Canadian private-equity firm announced they would acquire the London- based maker of auto parts and bath tubs in July 2010, the SEC said. Canadian regulators filed a related action against Moore.

“In today’s interconnected markets, the cooperative relationships among securities regulators mean that those who choose to engage in international insider trading should expect to face consequences across the globe,” Scott Friestad, associate director of SEC enforcement, said in the agency’s statement.

An e-mail to Herb Janick, Moore’s attorney at Sidley Austin LLP, wasn’t immediately answered.

To contact the reporter on this story: Joshua Gallu in Washington at jgallu@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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