03:12:43 EDT Fri 29 Mar 2024
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SEC defendant Spera pleads guilty

2017-12-11 20:25 ET - Street Wire

Also Street Wire (C-AEZS) Aeterna Zentaris Inc (3)
Also Street Wire (C-SLR) Solitario Zinc Corp

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by Mike Caswell

Florida resident Joseph Spera has pleaded guilty to charges stemming from a serial insider trading scheme. He has admitted that he was part of a group that traded a group of stocks, including Toronto Stock Exchange listings Aeterna Zentaris Inc. and Solitario Exploration & Royalty Corp. He and his associates sold the companies short after learning ahead of time about discounted offerings.

Mr. Spera, 56, entered the plea in an appearance on Monday, Dec. 11, before U.S. District Court Judge Michael Shipp. The charges were one count of conspiracy to commit securities fraud and one count of securities fraud. In entering the plea, he admitted that he and his associates made $3.9-million during the three-year scheme. (All figures are in U.S. dollars.) The securities fraud charge carries a maximum jail term of 20 years.

Prosecutors claim that Mr. Spera and his associates obtained confidential information through "wall-crossing" agreements. They held themselves out as representatives of purported trading firms with assets in the tens of millions of dollars in order to receive non-public information on stock offerings. When they obtained the information, they used it to sell a stock short, the government claims. They then covered their short sales using shares from the offering, generating illegal profits, according to prosecutors.

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