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Torontonian charged in multimillion-dollar insider trading case in U.S.


The department claims in New York court filings that 40-year-old Wygovsky made $3.6 million between January 2015 and April 2021 using five accounts in the names of three of his relatives to hide his identity.
The department outlined a pattern where it alleges those accounts would buy high quantities of stocks and then sell them for a profit later that day when Wygovsky s employer executed an order to buy, increasing the value of the shares.
Investigators uncovered more than 700 trades that follow this pattern and instances where money was transferred from accounts in the relatives names to ones in Wygovsky s name.
A release from the department does not name Wygovsky s employer, but a LinkedIn profile lists someone with his name as a senior analyst and trader at Polar Asset Management Partners Inc. during the years the allegations allegedly took place. ....

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Canadian Asset Manager Charged With $3.6 Million Scheme Frontrunning His Firm's Trades


by Tyler Durden
Friday, Jul 02, 2021 - 10:00 PM
A Canadian trader named Sean Wygovsky was charged with insider trading by a federal court in New York on Friday. Wygovsky is alleged to have reaped $3.6 million by stealing confidential information to front-run his firm s trades. 
The firm wasn t identified by the government or by Bloomberg, who reported the charges on Friday.
Using the accounts of close relatives and family, he attempted to conceal his activity. The relatives and family then kicked back at least hundreds of thousands of dollars in illegal trading profits, the government alleges.
In an official DOJ release, Manhattan U.S. Attorney Audrey Strauss said: “As alleged, Sean Wygovsky illegally exploited his access to his employer firm’s yet-to-be-executed trade orders to make numerous trades in anticipation of the bump or dip the firm’s buying or selling would cause.  To conceal the scheme, Wygovsky allegedly made his front running trades t ....

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