On June 9, 2020, former banker Bryan Cohen avoided prison and was sentenced by the US District Court for the Southern District of New York to one year of home detention and a $25,000 fine, after pleading guilty to a charge of conspiracy to commit securities fraud earlier this year. According to the sentencing order, Cohen must also complete 1500 hours of community service, and pay $260,000 pursuant to a forfeiture order, with the court permitting Cohen to move to France no later than June 30, 2021.
In October of 2019, the US Securities and Exchange Commission charged Cohen with conspiracy to commit securities fraud, among other charges, for willfully providing investment tips to at least one international investor based on material nonpublic information Cohen obtained while working for a global investment bank. In January 2020, Cohen pleaded guilty to the conspiracy charge and admitted the forfeiture allegation, in a plea agreement with the SEC. And in March 2020, Cohen settled a related civil matter with the SEC that permanently enjoined him from further securities violations of Section 10(b) and 14(e) of the Securities Exchange Act of 1934, as well as Rule 10b-5 and 14e-3 thereunder, and ordered him to pay $260,000 in disgorgement, to be offset by the Order of Forfeiture in the criminal matter.