WASHINGTON (Reuters) - A former Morgan Stanley financial analyst and her husband, an ex-hedge fund analyst at ING Group, have settled insider trading charges, the U.S. Securities and Exchange Commission said on Thursday.
Jennifer Wang and Ruopian Chen have agreed to jointly pay $784,829 in disgorgement and interest, and to each pay a $50,000 penalty, the agency said.
Wang and Chen pleaded guilty to related criminal charges in September. They were each sentenced to 18 months in prison.
They settled the SEC civil case without admitting or denying the charges. Attorney contact information was not immediately available.
The SEC said Wang and Chen had access to material nonpublic information from Wang's then-employer,
Morgan Stanley, which was contacted to provide services in connection with acquisitions.
Wang and Chen used online brokerage accounts in Wang's mother's name to purchase securities of companies on the verge of announcing they would be acquired, the agency said.
The couple made $727,733 in illegal profits before announcements about five impending acquisitions involving Town & Country Trust; Glenborough Realty Trust; Genesis HealthCare Corporation; Penn National Gaming, Inc, and American Financial Realty Trust.
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