SEC accuses information technology professional of fraudulent acquisitions

By Jenie Mallari-Torres | Nov 23, 2018

PHILADELPHIA — The Securities and Exchange Commission is suing Hamed A. Ettu, an information technology professional, citing alleged fraud.

The SEC filed a complaint on Nov. 2 in the U.S. District Court for the Eastern District of Pennsylvania against Ettu, alleging the information technology professional breached his duty of good faith and fair dealings.

According to the complaint, the plaintiff alleges the defendant acquired approximately $93,000 in illegal profits by purchasing securities of companies prior to public announcements that they were being acquired, based on tips he received from Damilare Sonoki who had access to material non-public information, working as an analyst at the Investment Bank. 

The plaintiff holds Ettu responsible because the defendant allegedly breached confidence or used confidential information improperly for his profit despite illegal acquisition.

The plaintiff requests a trial by jury and seeks judgment against defendant, disgorge of ill-gotten gains, civil penalties, and further relief as the court deems just. They are represented by Jennifer Chun Barry, Kelly Gibson, Joseph Sansone and Rachael Clarke of the Securities and Exchange Commission in Philadelphia.

The U.S. District Court for the Eastern District of Pennsylvania Case No. is 18-cv-04739.

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