U.S. regulator bars ex-Goldman Sachs analyst for insider trading
Reuters
Published Apr 20, 2021 09:50AM ET
Updated Apr 20, 2021 02:25PM ET
By Jonathan Stempel
NEW YORK (Reuters) -A U.S. regulator barred a former Goldman Sachs & Co (NYSE:GS) research analyst from the brokerage industry for insider trading in two companies that the company was about to upgrade, and for lying about his trading.
The Financial Industry Regulatory Authority (FINRA) said Brian Maguire bought $850,000 worth of shares in two companies last April and June after receiving internal emails that a fellow analyst would soon raise the companies' ratings to "buy" from "neutral."
FINRA said the pending upgrades were material nonpublic information, and that shares of both companies rose after the information became public.
It also said Maguire falsely testified to its staff about some of his earlier trading and violated its conflict-of-interest rules, including by trading securities of companies he covered and selling securities he rated "buy."
Maguire did not admit or deny the charges, but consented to the FINRA bar.
His lawyer did not immediately respond to a request for comment. Goldman was not accused of wrongdoing.
Maguire had worked for Goldman in Houston, covering paper, packaging and environmental services companies.
He spent a decade at the Wall Street bank before it terminated him in October, citing concerns about his trading and use of confidential information.
According to his LinkedIn (NYSE:LNKD) entry, Maguire has degrees from the University of Notre Dame and the University of Virginia's business school.
FINRA recently regulated more than 3,500 securities firms.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.