LOS ANGELES – Former accounting manager Marco Antonio Perez, 60, of Glendora, has been sentenced to 9 months in federal prison for buying and selling over 66,000 company shares based on non-public information that would net him nearly $500,000 in ill-gotten gains.
Perez, also known as “Marc Perez,” was sentenced by United States District Judge Fernando L. Aenlle-Rocha, who also ordered Perez to serve six months’ home detention following his release from prison.
Perez, who was an accounting manager at General Finance Corp., a Pasadena-based storage and modular space company, exploited his position of trust to purchase stock for his own personal gain and also tipped off others close to him so they could similarly profit.
According to court documents, Perez knowingly violated insider trading law and company policy, and abused his position as a trusted corporate insider. After learning that his employer’s company was about to be acquired by a larger company at a premium, and before such information was made known to the trading public, Perez purchased stock for his own personal gain and also tipped off others.
Between March and April of 2021, Perez purchased a total of 66,585 shares of General Finance stock at prices between $10 and $12. After reading confidential emails sent to the company’s chairman in February and March 2021, Perez was able to sell the shares for a total of $1,262,815, netting a profit of approximately $488,533.
The United States Securities and Exchange Commission has a pending civil case against Perez stemming from his illegal activity in this case. Assistant United States Attorneys Ranee A. Katzenstein and Steven M. Arkow prosecuted this case.
The FBI investigated this matter. Perez’s sentence serves as a reminder of the consequences of insider trading and the importance of maintaining trust and integrity in the corporate world.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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