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SEC insider trading defendant Roda pleads guilty

2022-07-14 20:47 ET - Street Wire

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by Mike Caswell

David Roda, a Pennsylvania computer programmer charged for insider trading ahead of the $2-billion takeover of Score Media Inc. of Toronto, has pleaded guilty. (All figures are in U.S. dollars.) U.S. prosecutors claim that Mr. Roda learned of the takeover through his job, and bought options in the weeks leading up to the deal becoming public. He also tipped a friend, who purchased shares, the government said.

Mr. Roda entered the plea in an appearance before a federal judge on July 12, 2022. He pleaded guilty to a single charge of securities fraud. The judge allowed him to remain free on a $100,000 bond.

The guilty plea brings a quick end to a case that began on June 13, 2022, when federal prosecutors and the U.S. Securities and Exchange Commission brought charges against Mr. Roda, filing a criminal information sheet and a civil complaint in the Eastern District of Pennsylvania. The case, as set out by the SEC, stemmed from 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. (His title was director of backend architecture, but his actual job was writing code and managing other computer programmers.)

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