Friend of illegal tipper caught in insider trading scheme

The Securities and Exchange Commission has charged a Texas IT professional with insider trading.  Hamed Ettu is accused of using a foreign dialect to receive material non-public information about future mergers from an investment bank analyst, Damilare Sonoiki.  Ettu and Sonoiki gained approximately $93,000 from trades based on the illicit information.  In a related case, Sonoiki was charged with tipping a professional football player, who allegedly gained over $1 million trading on the insider information.

SEC press release | EDPA press release | Ettu complaint