The Financial Industry Regulatory Authority has barred an investment banker for engaging in insider trading in the shares of an issuer his firm was advising in connection with dealing with potential acquirers.
The banker, Abhishek Uppal, consented to FINRA's findings without admitting or denying the charges, which involve a deal that was announced just four months ago.
"FINRA devotes significant resources to surveilling the markets for possible insider trading activity because of the dangers it poses to the public's confidence in our securities markets," said executive vice president for market regulation Thomas Gira. "This action demonstrates our ability to detect insider trading and act quickly to sanction wrongdoers by removing them from the securities industry."
Uppal learned of the issuer's interest in being acquired and the role of his firm, Piper Jaffray, in assisting the issuer, and otherwise obtained access to material nonpublic information, in the course of his employment
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