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Long Island Insider Trader Charged
A Long Island financial advisor has been charged in a high-stakes insider trading conspiracy that could land him up to 25 years behind bars.
Damian Perna, a 30-year-old financial advisor from Oceanside, Long Island, was arrested this morning and arraigned in federal court in Brooklyn. According to prosecutors, Perna obtained draft earnings reports for publicly-traded companies before their public release and sold them to an undercover FBI agent for $7,000 in cash.
Prosecutors say Perna conspired with others to trade in securities of publicly-traded corporations registered under the Securities and Exchange Act of 1934 during the period from June 2011 through October 2012. The companies involved included Consolidated Graphics, Alamo Group and Miller Industries, which are listed on the New York Stock Exchange, and Innophos Holdings, Inc., which is listed on the NASDAQ.
According to an indictment unsealed today in federal court in Brooklyn, Perna used a contact at an investor relations firm to obtain the draft earnings reports. In one meeting, he sold an advance copy of an earnings report to the undercover FBI agent and was paid the $7,000 in cash.
The charges were announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York and George Venizelos, Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office.
If convicted, Perna faces a statutory maximum sentence of 25 years’ imprisonment. The case was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force, which includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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