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by Mike Caswell

The U.S. Securities and Exchange Commission has reached settlements with David Roda and Andrew Larkin, the two Pennsylvania men charged with insider trading in the $2-billion takeover of Score Media Inc. of Toronto. (All figures are in U.S. dollars.) The SEC claimed that the men learned of the deal though Mr. Roda's employment before it became public. Mr. Larkin purchased shares while Mr. Roda bought options.

The settlements are contained in judgments filed in federal court in Pennsylvania on June 15 and June 17, 2022. Mr. Roda has agreed to disgorge profits and to pay a fine in amounts that the judge will determine. The SEC claimed that he realized $560,762 in profits. The regulator will presumably seek disgorgement of that amount, plus a suitable fine. Mr. Larkin, who realized far less money from the scheme, has agreed to pay $5,602 to settle the matter, without admitting any wrongdoing.

The settlements come just days after the SEC charged the pair, filing a civil complaint on June 13, 2022, in the Eastern District of Pennsylvania. The case centred around a takeover offer for Score Media made by Penn National Gaming Inc., a Nasdaq listing with its office in Philadelphia. The SEC said that Mr. Roda, 36, learned about the deal through his job at Penn National.

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