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Former EY Development Director Sued by SEC for Insider Trading

Sept. 22, 2022, 10:05 PM

A former Ernst & Young LLP business development director traded the stocks of four companies after learning confidential information about their pending acquisitions and relocations through his job courting current and future clients, the SEC said.

Michael Weiss, who was fired in 2021, made about $10,000 on his stock trades between 2014 and 2015, violating his duty to EY’s clients and firm prohibitions on insider trading, according to the Securities and Exchange Commission’s complaint filed Wednesday. The SEC seeks disgorgement and fines and other penalties totaling $23,900 against Weiss, the latest in a string of enforcement cases involving EY and ...