MICHAEL R. SULLIVAN REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/michael-r-sullivan-5YCWW/ex-finance-department-worker-caught-doing-insider-trading-id5ydqq .
Ex- Finance Department Worker Caught Doing Insider Trading
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Michael R. Sullivan has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:Full Report On Michael R. Sullivan
The Securities and Exchange Commission today announced settled charges against Pennsylvania resident Michael R. Sullivan for allegedly trading on material, nonpublic information that he obtained through his employment at Dick's Sporting Goods, Inc.
The SEC's complaint alleges that in August 2018, while employed in the Product Development Department at Dick's, Sullivan purchased Dick's put options after learning of non-public sales information that would later be included in the company's quarterly public earnings announcement. As alleged, after Dick's announced its quarterly earnings on August 29, 2018, its stock price declined more than 9%, and Sullivan sold his entire put option position for profits of $11,500. The complaint also alleges that in November 2019, after Sullivan moved to the Finance Department and became responsible for providing certain sales metrics for Dick's earnings binder, he purchased call options in advance of the company's quarterly earnings announcement. According to the complaint, Dick's stock price increased more than 18% following the announcement, and Sullivan sold his call options for profits of more than $26,000.
The complaint, filed in the U.S. District Court for the Western District of Pennsylvania, charges Sullivan with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the allegations in the complaint, Sullivan consented to a final judgment permanently enjoining him from violating the charged provisions and ordering him to pay a civil penalty of $75,470. The settlement is subject to court approval.Conclusion: Michael R. Sullivan Is A Fraud
The report on SEC clearly suggests that Michael R. Sullivan never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.Help Us Fight These Criminals
Do you have evidence against Michael R. Sullivan or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database