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U S Securities and Exchange Commission
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SEC defendant Fishoff pleads guilty in N.J.

2018-03-13 14:59 ET - Street Wire

Also Street Wire (C-AEZ) AEterna Zentaris Inc (2)
Also Street Wire (C-SLR) Solitario Exploration & Royalty Corp

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by Mike Caswell

Steven Fishoff, a California man charged for a serial insider trading scheme that involved two Canadian listings, has pleaded guilty. He entered the plea in an appearance before U.S. District Court Judge Michael Shipp in New Jersey on Friday, March 9. Mr. Fishoff was the last of five defendants to plead guilty.

Prosecutors had charged Mr. Fishoff for running a short-selling scheme that included a pair of Toronto Stock Exchange companies. The government said that he and others made $3.9-million through the "systematic theft" of confidential information from investment banks. (All figures are in U.S. dollars.) Posing as managers of large investment funds, the men were able to receive advance information on secondary offerings, which can depress a stock's price.

Mr. Fishoff's guilty plea comes just ahead of his trial, which was to begin on March 19, 2018. The charge to which he pleaded guilty is one count of securities fraud, which carries a maximum jail term of 20 years. Prosecutors have agreed that they will drop four other counts that he faced. In entering the plea, Mr. Fishoff has agreed that he will have to pay restitution and that the gains he and the others realized were between $1.5-million and $3.5-million.

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