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Escondido accountant on probation
Caught insider trading, made over $27K, penalized over $50K
Donald Paul Jones, an Escondido accountant, has been put on probation for three years and suspended from practice for 45 days. The California Board of Accountancy announced the decision December 28 of last year.
Jones had been nabbed by the Securities and Exchange Commission last year. He was working in Alhambra in 2012, where the offense took place. A longtime close associate, also a CPA, told him of a pending merger, inquiring about some accounting practices related to the merger. According to the commission, Jones bought stock twice in the company being acquired, netting $27,675 illegally. He tipped off a friend who made $11,407 on illicit information.
Jomes got a cease-and-desist order from the securities commission, can no longer practice before it, and was ordered to pay $82,694 to the commission in profit disgorgement and a penalty. The other accountant did not make any illicit trades and was not charged.
Here's something you might be interested in.
Escondido accountant on probation
Caught insider trading, made over $27K, penalized over $50K
Escondido accountant on probation
Caught insider trading, made over $27K, penalized over $50K
Donald Paul Jones, an Escondido accountant, has been put on probation for three years and suspended from practice for 45 days. The California Board of Accountancy announced the decision December 28 of last year.
Jones had been nabbed by the Securities and Exchange Commission last year. He was working in Alhambra in 2012, where the offense took place. A longtime close associate, also a CPA, told him of a pending merger, inquiring about some accounting practices related to the merger. According to the commission, Jones bought stock twice in the company being acquired, netting $27,675 illegally. He tipped off a friend who made $11,407 on illicit information.
Jomes got a cease-and-desist order from the securities commission, can no longer practice before it, and was ordered to pay $82,694 to the commission in profit disgorgement and a penalty. The other accountant did not make any illicit trades and was not charged.
Comments
A guy like this one is the smallest of small-fry offenders. You would hardly think it was worth it for the SEC to bother. At least he wasn't criminally charged in US court. But how did the SEC find out? Ahh, that's the question. The likely answer is that someone ratted him out, and that could have been the long time close associate. But an even stranger explanation would be that he bragged about it to someone he trusted.
Visduh: Good observations. I have done dozens of inside trading stories. You always how to guess how the government got the information. Best, Don Bauder
Visduh: I should add that there is very sophisticated equipment that traces certain trades. Best, Don Bauder
By the time I hear about a "good deal" the ship has left the port. Oh well buy high sell low always works.
AlexClarke: I suspect a lot of people, including myself, will recognize at some point that we bought high and were selling low. Low interest rates create crazy investing environments. Best, Don Bauder