Alexandria, Virginia – a NASDAQ Manager pleaded guilty Thursday to stock after admitting fraud he made of old more than $ 600,000 on insider trading.
Donald l. Johnson, 56, of Ashburn, Virginia, was a General Manager on the Office of intelligence for the market to the NASDAQ until his retirement in 2009. Johnson admitted to eight trades between 2006 and 2009 in which he took about $641,000 information that had not been disclosed to the public, Attorney Justin Goodyear said. In some cases, he bought shares of the company to capitalize on the favorable news; in other cases he used short selling to make a profit on the bad news that sent shares tumbling.
Trades were made on behalf of his wife, said Goodyear.
Prosecutors believe that Johnson has actually earned more than $750,000 insider, but Johnson denies nothing objectionable about a trade him have profited $ 114 000.
Johnson said little in court and declined through his attorney for comment later.
The lawyer, Jonathan Simms, said that Johnson accepts responsibility for its actions.
"This is not a man who lived luxuriously, living on yachts," Simms said.
In a 2007 trade, Johnson made $175,000 in buying shares of United Therapeutics until results of successful trials have been announced for one of its drugs - Viveta, now called Tyvaso. In 2009, Johnson admitted using insider information to purchase additional shares of United Therapeutics prior to federal approval for Tyvaso. Johnson benefited by $ 111,000 on this transaction.
Johnson has also earned $34,000 in 2006 by exchanging the announcement the President Digene Corp. in short-selling of the shares of the company. Other companies in which Johnson used Insider to benefit include Central Garden and Pet Co., Idexx Laboratories Inc. and development of pharmaceutical products Inc.
Nothing indicates that United Therapeutics or any other company has no wrong action by providing information to insider to Johnson. In his work on the NASDAQ, Johnson had the right to receive such information, but has been prohibited by federal law and the rules of the NASDAQ benefit information.
The NASDAQ Joe Christinat said market spokesman cooperates with the authorities and declined further comment.
In a conference call with reporters, Assistant Attorney General Lanny Breuer said the market intelligence desk that Johnson worked for client relations provided for the companies listed on the NASDAQ. Companies that could have news that would pass the financial markets or assign trading levels of actions could consult with the Office of market intelligence to help understand how markets would react to the new.
"Mr. Johnson was in fact a Fox in a chicken coop," said Breuer. "The actions of Mr. Johnson have been brazen of an abuse of power." He has cheated, the system to his own pockets. ?
The case has been brought in the District of Virginia, which has aggressive fraud unit. Johnson agreed that the case heard in Virginia.
"Don Johnson used the sensitive and confidential information as Director on the NASDAQ at the pelota retired by more than $600,000.", has said Neil MacBride, is U.S. Attorney for the District of Virginia. "He thought that he could get away with it by using the account of his wife and making relatively small trades just a few times per year." But he learned that every other trader on Wall Street must understand: we monitor. ?
Johnson faces up to 20 years in prison when he is sentenced on August 12.
Also Thursday, the Securities and Exchange Commission filed in Federal Court in New York related civil charges against Johnson.
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