Cisco Worker Trades on Inside Intel, Then Rats Himself Out to the SEC
- Charles Kerwin tells SEC he knew about pending acquisition
- Supply chain manager pays more than $140,000 in penalties
A pedestrian walks near the U.S. Securities and Exchange Commission headquarters in Washington, D.C.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
This might be one of the easiest insider trading cases ever for the U.S. Securities and Exchange Commission.
Charles F. Kerwin, a 41-year-old supply chain manager at Cisco Systems Inc., earned almost $95,000 last July trading stocks and options after learning that his employer was poised to acquire Acacia Communications Inc. The deal was announced July 9. Two days later Kerwin had a change of heart and self-reported his trades to securities regulators.