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Briefly present, summarize, and comment on a recent U.S. stock market insider trading investigation. (provide a...

Briefly present, summarize, and comment on a recent U.S. stock market insider trading investigation.

(provide a specific example)

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In August 2017, the Security and Exchange Commission charged Mr. Daniel Rivas, a former vice president of Bank of America for misusing his reach to the IT system in the Bank of America and sharing the information with few traders who further passed the trading tips to other individuals. Mr. Rivas is also charged with sharing the information with James Moodhe, his girlfriend’s father, who work for brokerage firm Tullett Prebon, traded on this information not only himself but also for his clients. Based on the initial investigations, Mr. Rivas and two of his friends have made approximately $2 million from the insider trading information. Whereas the overall impact the information trading is approximately $500 million.

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