The US Securities and Exchange Commission this week charged two former San Francisco-area employees of PricewaterhouseCoopers LLP (PwC) with insider trading.
According to the Commission’s complaint, Gregory B. Raben, a former PwC auditor, and William Patrick Borchard, a former senior associate in PwC’s Transaction Services Group, used their access to sensitive information about PwC’s clients to allow Raben to buy stock ahead of a series of corporate takeovers.
Without admitting or denying the allegations, Raben and Borchard agreed to a settlement including monetary penalties.
“These charges of insider trading by accounting firm employees are another example of the Commission’s commitment to exposing insider trading by industry professionals who have access to confidential market information unavailable to the investing public,” explained Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement.
“Raben and Borchard violated PwC’s rules on keeping client information strictly confidential and ignored their duties to their employer and its clients,” added Marc Fagel, Co-Acting Regional Director of the SEC’s San Francisco Regional Office.
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