Anthony Scolaro pleaded guilty almost two years ago to securities fraud. At the time, Scolaro was a portfolio manager for Diamondback Capital Management LLC. He was charged with having acted on an illegal tip that Axcan Pharma, Inc was to be purchased by TBQ Capital. He ended up buying up tens of thousands of shares, making almost $1.1 million in the process. After his arrest, Scolaro has cooperated with the FBI in their investigation of Diamondback Capital Management, LLC.
Scolaro made a grave error in participating in insider trading. The whole economy is based on a system of buying and selling stock, and illegally taking advantage of that system can end up hurting a lot of people. This is why the consequences of securities fraud can range from incredibly hefty fines to upwards of 20 years in prison. Scolaro immediately tried to rectify the situation, whether it was because he wanted to finally do the right thing, or whether he merely wanted to lower his sentence, is known to only him. Scolaro has paid a total of $203,000 in order to settle the insider-trading lawsuit levied against him by the United States Securities and Exchange Commission. However, he should be forced to pay the remainder of what he made off the illegal tip in fines to the government. His help to the FBI has proven to be invaluable, but he should also face a few years in prison at the least for his crimes. He is scheduled to be sentenced on July 30 2012.
To read more about Scolaro and his participation in securities fraud, head here.
Byron Evans graduated from the University of North Carolina with a degree in Journalism and Mass Communication in 2004. He is now working as a freelance copywriter in San Diego, CA.
Scolaro made a grave error in participating in insider trading. The whole economy is based on a system of buying and selling stock, and illegally taking advantage of that system can end up hurting a lot of people. This is why the consequences of securities fraud can range from incredibly hefty fines to upwards of 20 years in prison. Scolaro immediately tried to rectify the situation, whether it was because he wanted to finally do the right thing, or whether he merely wanted to lower his sentence, is known to only him. Scolaro has paid a total of $203,000 in order to settle the insider-trading lawsuit levied against him by the United States Securities and Exchange Commission. However, he should be forced to pay the remainder of what he made off the illegal tip in fines to the government. His help to the FBI has proven to be invaluable, but he should also face a few years in prison at the least for his crimes. He is scheduled to be sentenced on July 30 2012.
To read more about Scolaro and his participation in securities fraud, head here.
Byron Evans graduated from the University of North Carolina with a degree in Journalism and Mass Communication in 2004. He is now working as a freelance copywriter in San Diego, CA.
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