Remember Gregory Bolan? Ex-Wells Fargo analyst who regulators alleged had a "scratch each other's back" arrangement with a colleague named Joseph Ruggieri, to whom Bolan wrote in an August 2010 email "Many props bro – it’s all good in the hood biatchhhhh" (to which Ruggieri replied "Bro Fk it – Were partners...Together, we can lift this sector team and crush it")? Who argued that analysts need to be able to talk to traders at their firms, and that the SEC's case would "pressure analysts into self-imposed solitary confinement" out of fear of being charged with insider trading? Well he may be a few clams poorer but he settled with the SEC in a deal that his lawyer has deemed a win.
A former Wells Fargo & Co analyst has agreed to pay $75,000 to resolve charges by U.S. regulators that he engaged in insider trading with an employee at the bank. The U.S. Securities and Exchange Commission revealed the settlement with Gregory Bolan, the trader, in an order made public Thursday. The agency previously confirmed reaching a deal in March ahead of a trial but did not at the time provide terms...Bolan neither admitted nor denied wrongdoing in the settlement and is allowed to continue working in the industry, said Sam Lieberman, his lawyer. "This is a great result for Mr. Bolan, because it ends the SEC case against him while permitting him to go back to work immediately," he said.