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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION SECURITIES MANUGISTICS GROUP ILLEGAL INSIDER TRADING CIVIL ACTION UNITED STATES NRB BARRY COURT PENDING DISGORGEMENT DISTRICT HONORABLE NAOMI REICE NAOMI REICE BUCHWALD SOUTHERN DISTRICT SAFFER PLEADED GUILTY SECURITIES FRAUD NONPUBLIC COMPANY INFORMATION VIRTUE COMPANY NEWS ANNOUNCEMENTS MULTIPLE OCCASIONS RELATED CIVIL ACTION SAFFER ALLEGING ANTI-FRAUD PROVISIONS FEDERAL SECURITIES LAWS ENGAGING INJUNCTION PREJUDGMENT PENALTY |
United States Securities and Exchange Commission
Litigation Release No. 17792A / October 18, 2002
, 02 CR 864 (NRB) (S.D.N.Y. October 17, 2002)
, 02 CIV 5117 (SWK) (S.D.N.Y.)
Barry L. Saffer, Former Senior Financial Official Of Manugistics Group,
Inc., Sentenced to Two Years for Illegal Insider Trading
On October 17, 2002, Barry L. Saffer, a former Director of Financial
Planning and Analysis with Manugistics Group, Inc. in Rockville,
Maryland, was sentenced to twenty-four months of incarceration for
illegal insider trading. , 02 CR 864 (NRB) (S.D.N.Y.). The court
delayed ordering restitution pending resolution of a civil enforcement
action filed against Saffer by the Commission which seeks disgorgement
and other remedies. The Honorable Naomi Reice Buchwald of the United
States District Court for the Southern District of New York imposed
the sentence.
On July 2, 2002, Saffer pleaded guilty to ten counts of securities
fraud. Saffer obtained nonpublic company information by virtue of his
position with Manugistics and traded in advance of company news
announcements on multiple occasions over a three-year period from
January 1999 through March 2002.
Also on July 2, 2002, the Commission filed a related civil action
against Saffer alleging that he violated the anti-fraud provisions of
the federal securities laws by engaging in illegal insider trading. ,
(July 3, 2002). The Commission seeks an injunction, disgorgement with
prejudgment interest, and a penalty. The civil action is pending.
_________________________________________________________________
Modified 10/30/2002
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