An ex-bank examiner and senior supervisor on the Federal Reserve Financial institution of Richmond (FRBR) may spend a long time behind bars for utilizing confidential data to commerce shares of US banks.
The U.S. Justice Division (DOJ) says former FRBR senior official Robert Brian Thompson has pleded responsible to at least one depend of insider buying and selling and one depend of constructing false statements.
The DOJ says Thompson abused his place and misused confidential supervisory data to execute 69 trades involving shares of seven unnamed monetary establishments. Based on the DOJ, Thompson’s buying and selling actions netted him private earnings to the tune of $771,678.
To assist conceal his insider buying and selling scheme, Thompson made fraudulent entries on his Type D, saying he held no fairness in any publicly listed monetary establishment. He additionally stated that he had not engaged in any conduct that represents a battle of curiosity or a violation of the the legislation or FRBR’s insurance policies.
The Fed’s Type D requires workers to disclose in the event that they personal belongings, together with shares within the banks which can be registered with the Federal Reserve System.
The DOJ says the fraud occurred between October 2020 and February 2024.
For his actions, Thompson faces a most penalty of 20 years in jail for one depend of insider buying and selling and 5 years for one depend of constructing false statements on his Type D.
Thompson is slated for sentencing on March nineteenth, 2025.
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