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SEC target Coppero pleads guilty in New York

2016-12-02 10:16 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (C-HBM) Hudbay Minerals Inc

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by Mike Caswell

Former Hudbay Minerals Inc. lawyer Nino Coppero has pleaded guilty to criminal insider trading charges in New York. The recently disclosed plea, entered in a sealed proceeding in 2015, stemmed from his purchase of shares in Augusta Resource Corp. ahead of a takeover offer for the company. He bought the shares while knowing that Hudbay was planning to make the offer.

Mr. Coppero entered the plea in a court appearance on March 19, 2015, before Magistrate Judge Debra Freeman. The courtroom was closed during the proceedings and all documents were sealed until recently. The reason for the secrecy is not entirely clear, as the transcript of his guilty plea remains sealed and prosecutors have not publicly filed his plea agreement. (Available court filings only state the charges to which he pleaded guilty.) Presumably he offered some sort of assistance to the government, but the nature of that assistance, if any, is not part of the public record.

While much is unclear in Mr. Coppero's criminal case, it is clear that he will face civil sanctions from the U.S. Securities and Exchange Commission for the same conduct. On Wednesday, Nov. 30, he agreed to an injunction barring future violations to settle a parallel case from the SEC. He also agreed to pay a fine and to disgorge his gains from the scheme, with the judge to determine the amounts.

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