On August 16, 2017, five individuals were arrested and charged for their roles in overlapping insider trading schemes. Michael Siva, Roberto Rodriguez, Rodolfo Sablon, Jhonatan Zoquier, and Jeffrey Rogiers were each charged with conspiracy, wire fraud, and multiple counts of securities fraud and fraud in connection with a tender offer. The U.S. Attorney’s Office also announced the unsealing of guilty pleas from August 9, 2017 by Daniel Rivas and James Moodhe, who admitted to engaging in the fraudulent schemes but are now cooperating with the investigation. Rivas was a corporate insider who misappropriated insider information and fed that information to Moodhe. The five defendants who have not yet pled guilty are alleged to have traded over 50 times in advance of confidential corporate information, using encrypted messages to avoid detection. The scheme involved three different overlapping tipping chains, in which Rivas provided information, either directly or indirectly, to each defendant. United States v. Moodhe, 17-cr-00491 (S.D.N.Y.); United States v. Rivas, 17-cr-00492 (S.D.N.Y.); United States v. Siva, et al., 17-cr-00503 (S.D.N.Y.).
Home > Insider Trading > Five Individuals Charged with Participating in Three Insider Trading Schemes Generating More Than $5 Million in Profits on Inside Information Misappropriated from an Investment Bank