11:22:48 EDT Mon 20 Sep 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC defendant Wygovsky looks to avoid trial

2021-09-14 20:41 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Sean Wygovsky, the Polar Asset Management Inc. trader charged with fraud in New York for a $3.6-million front-running scheme, is negotiating a deal with prosecutors. (All figures are in U.S. dollars.) Prosecutors claim that Mr. Wygovsky, of Toronto, placed buy or sell orders ahead of hundreds of large client trades. U.S. authorities arrested him on July 2, 2021, in Texas, and he has been awaiting trial since.

News of Mr. Wygovsky's potential deal is contained in a letter his lawyer wrote in a parallel civil action filed by the U.S. Securities and Exchange Commission. The letter, which landed before a federal judge in New York on Sept. 13, 2021, states that Mr. Wygovsky and his lawyer are having discussions with the SEC and with prosecutors. Those discussions have been "substantive and productive" and should resolve the case without a trial, the letter reads.

The letter does not say what penalties Mr. Wygovsky could face. When it filed its case, the SEC sought disgorgement of his gains, which it said amounted to at least $3.6-million over the six-year scheme. On top of that, the SEC sought an appropriate fine.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2021 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.