Civil and criminal charges have been filed against a Microsoft Senior Manager and his friend and business partner for insider trading. Brian D. Jorgenson allegedly learned of Microsoft’s intentions to invest in Barnes & Noble’s e-reader business ahead of Microsoft’s official announcement. Mr. Jorgenson passed the information on to his friend and business partner, Sean T. Stokke, who traded upon the information, the SEC alleged in their press release and complaint. The SEC alleged Mr. Jorgenson and Mr. Stokke split the over $390,000 in profits made from the illegal insider trading.
The SEC charged Jorgenson and Stokke with violations of the SEC of 1934 and Rule 10b-5, pursuant to 20(d) of the Exchange Act. The U.S. Attorney’s Office for the Western District of Washington has charged them both criminally. You can read the entire SEC civil complaint here.
If you or someone you know has lost money as a result of an investment, please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.