Matthaei traded Special Acquisition Companies based on non-public information that he received from a friend, officials allege.
A former stock broker from New Jersey has been charged with allegedly turning more than $3 million in profits from insider trading, U.S. Attorney Philip R. Sellinger said.
Matthaei traded Special Acquisition Companies, or SPACS, based on non-public information that he received from a friend who was employed by a Canadian asset management firm, according to the criminal complaint. Matthaei allegedly initiated the trades between May 2020 and February 2021 and made a profit of about $3.4 million, authorities said.
Matthaei also paid for a luxury trip to Saint Barthélemy with the conspirator and their families where they continued to engage in the scheme, according to court documents.
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