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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 reached a deal with the U.S. Securities and Exchange Commission. (All figures are in U.S. dollars.) He has agreed to repay the amount of money that he realized from his trades, amounting to $560,762. The SEC will not seek any further sanctions, aside from an injunction barring future violations.
The settlement comes as part of a case in which the SEC and prosecutors in Pennsylvania claimed that Mr. Roda traded ahead of a takeover offer that Score Media received in 2021. He learned about the deal through his job and bought options in the weeks leading up to the deal becoming public. He immediately unloaded his holdings once the deal was disclosed.
Mr. Roda's settlement is contained in a proposed judgment that the SEC filed on Thursday, July 20, in federal court in Pennsylvania. When it charged Mr. Roda, the SEC had sought penalties that would have included disgorgement of Mr. Roda's gains and a fine. Thursday's judgment only orders Mr. Roda to disgorge his gains, of $560,762, with no fine. The SEC will deem the disgorgement obligation to be satisfied once Mr. Roda has paid an identical amount he was ordered to forfeit after pleading guilty to the related criminal charges. In other words, Thursday's settlement wraps up the case without imposing any new sanctions on Mr. Roda.
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