Securities and Exchange Commission has filed charges against Swiss trader Marc Demane Debih. The charges are in relation to $49 million in illicit profits Debih generated with his active participation in two multi-year insider trading schemes.
SEC alleges that was Debih had a leading role in two separate schemes to trade in the securities of US public companies in advance of announcements that these companies had been targeted for acquisition. According to the US watchdog, Debih received illicit tips through a network that included two London-based investment bankers and a US-based investment banker, all of whom the SEC charged in October 2019.
Debih allegedly traded on the tips he received from the investment bankers and recommended to others to trade. SEC has charged seven other people in connection with these schemes.
Debih is charged violating the antifraud provisions of the Securities Exchange Act of 1934. He has agreed to the entry of a judgment which, if approved by the court, would permanently enjoin him from violating the charged provisions and would impose civil penalties.
United States Attorney’s Office for the Southern District of New York has brought criminal charges against Debih in a parallel action. He pleaded guilty to security fraud and is scheduled to be sentenced next month.
