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by Mike Caswell

The U.S. Securities and Exchange Commission has imposed $520,433 in penalties on Dimitry Braverman, the law office technician who accessed confidential information on pending takeovers. (All figures are in U.S. dollars.) The SEC claimed that Mr. Braverman made $306,658 carrying out insider trades of eight companies. Among the stocks was former Toronto Stock Exchange listing YM Biosciences Inc., which received a $510-million takeover offer in December, 2012, with Mr. Braverman's employer being an adviser on the transaction.

The penalties against Mr. Braverman, which are contained in a judgment filed on Monday, June 15, come as a result of an out-of-court settlement. They will be in addition to whatever sentence a judge deems appropriate in a parallel criminal case against him. On Nov. 13, 2014, he pleaded guilty to one count of securities fraud that stemmed from the same allegations. He faces a maximum of 20 years in jail, and is scheduled to be sentenced on July 29, 2015.

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