THE Securities and Exchange Commission has accused a public relations guru of insider trading for accessing non public information to purchase shares.
Michael Anthony Dupre Lucarelli, a 52-year-old market intelligence director at Manhatten's Lippert/Heilshorn Investor Relations, accessed the PR firm's database to learn about client firms announcements before going to the market to purchase their share stocks.
Lucarelli is also facing parallel criminal proceedings brought by the U.S. Attorney's Office for the Southern District of New York State.
Andrew M. Calamari, director of the SEC’s New York Regional Office said: 'Employees of investor relations firms have access to sensitive information about their clients, and exploiting that information for personal gain is not an option'.
Source: Securities Exchange Commission