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SEC insider trading defendant Roda avoids prison

2023-03-15 20:33 ET - Street Wire

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by Mike Caswell

David Roda, the Pennsylvania computer programmer who pleaded guilty to insider trading charges arising from the $2-billion takeover of Score Media and Gaming Inc. of Toronto, has avoided jail. (All figures are in U.S. dollars.) A U.S. federal judge has ordered him to serve six months of home detention. Prosecutors said that Mr. Roda traded ahead of the Score Media takeover after learning about the deal through his job.

Mr. Roda received his sentence in an appearance on Tuesday, March 14, in federal court in Philadelphia. The judge ordered him to serve five years of probation, with the first six months to be under home detention. During that period, he must remain in his residence, with exceptions for things like work and medical treatment. He will be subject to location monitoring, the cost of which he must pay himself. It is not clear if prosecutors had sought a jail term for Mr. Roda, as the sentencing materials are not public.

While Mr. Roda has avoided jail, he will be subject to financial penalties. The judge ordered him to pay a $50,000 fine and previously imposed a $560,723 restitution order, with the amount representing Mr. Roda's gains from the trading. In addition, Mr. Roda faces a parallel civil action from the U.S. Securities and Exchange Commission, which could win bans or fines.

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