N.Y. brokers must pay $1.9 million for insider trading: U.S. judge
NEW YORK, May 16 (Reuters) - Two former New York stockbrokers must pay $1.9 million after being found liable on charges by the U.S (Other OTC: UBGXF - news) . Securities and Exchange Commission that they traded on confidential tips about an IBM Corp acquisition, a federal judge ruled on Monday.
U.S. District Judge Jed Rakoff in Manhattan (Hamburg: 32U.HM - news) ordered ex-Euro Pacific Capital Inc brokers Daryl Payton and Benjamin Durant to pay $546,458 and $1.34 million, respectively, after a federal jury returned a verdict in the SEC's favor in February. (Reporting by Nate Raymond in New York)