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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a New York judge to impose a $130,698 insider trading fine on Julio Marin Ugedo, a former Spanish judge who bought shares in Potash Corp. of Saskatchewan ahead of a 2010 takeover bid. (All figures are in U.S. dollars.) The SEC claims that Mr. Marin bought the stock after learning from a friend that BHP Billiton was planning to make an offer for Potash Corp. When the deal became public, Mr. Marin's friend made $917,239 while Mr. Marin made $43,566, the SEC says.

The SEC's request is contained in an application for a default judgment filed on Wednesday, July 1. The SEC is seeking the maximum possible fine of $130,698, which is triple the amount of Mr. Marin's gains. The penalty, should the judge grant it, would likely come without any opposition from Mr. Marin. He has ignored the case so far, despite the SEC's efforts to ensure he was properly served with the appropriate documents. (Exhibits filed in the case outline the SEC's efforts in some detail. They include photos of what the regulator says is Mr. Marin's mailbox and door.)

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