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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE NAPOLITANO YORK LIT COMPLAINT EXCHANGE ACT EXCHANGE COMMISSION PROFITS INSIDER TRADING DISTRICT NONPUBLIC INFORMATION BARIDIS EMPLOYEE FIRMS STATE CHARGES YORK SUPREME COURT JEFFREY STREICH WALL STREET INVESTMENT FIDUCIARY DUTY REALIZED TOTAL PROFITS SUPREME COURT RELATING FRIENDS PERMANENT INJUNCTION VIOLATING THEREUNDER DISGORGEMENT ILLEGAL PROFITS PRE-JUDGMENT CIVIL MONETARY PENALTIES |
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
LITIGATION RELEASE NO. 17107 / August 21, 2001
Securities and Exchange Commission v. Vincent Napolitano, 01 Civ. 7798
(S.D.N.Y.)
Securities and Exchange Commission v. Robert Breed, 01 Civ. 7799
(S.D.N.Y.)
SEC CHARGES TWO PEOPLE IN INSIDER TRADING SCHEME
The Commission today filed Complaints in the United States District
Court for the Southern District of New York against Vincent Napolitano
("Napolitano") of New York, New York and Robert Breed ("Breed") of
Bonita Springs, Florida. The Complaint against Napolitano alleges the
following Napolitano received tips containing material, nonpublic
information concerning the securities of eight companies from Jeffrey
Streich, who had received them from Marisa Baridis, a former
compliance employee at two Wall Street investment firms, who had
access to confidential information concerning the firms' clients.
Napolitano purchased securities while in possession of material,
nonpublic information that he knew was obtained in breach of a
fiduciary duty that Baridis owed her employer. Napolitano also
established joint accounts with Streich in which they traded upon
inside information and split the profits. Further, Napolitano
recommended certain of the securities to several other persons.
Napolitano and his tippees collectively traded in the eight securities
and realized total profits of approximately $400,000. In a related
criminal case, Napolitano was convicted of state charges in New York
Supreme Court relating to his insider trading.
The Complaint against Breed alleges the following Breed received tips
containing material, nonpublic information concerning the securities
of eight companies from Jeffrey Streich, who had received them from
Marisa Baridis, a former compliance employee at two Wall Street
investment firms, who had access to confidential information
concerning the firms' clients. Breed purchased securities while in
possession of material, nonpublic information that he knew was
obtained in breach of a fiduciary duty that Baridis owed her employer.
Further, Breed tipped, or directed the trading of, his friends and
family in certain of the securities. Breed and his family and friends
collectively traded in the seven securities and realized total profits
of approximately $200,000. In a related criminal case, Breed pled
guilty to state charges in New York Supreme Court relating to his
insider trading.
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