Series 24: 2.2.1.3.1. Insider Trading Penalties

Taken from our Series 24 Online Guide

2.2.1.3.1. Insider Trading Penalties

Insider trading is subject to a maximum civil penalty of treble damages (three times the amount of the benefit obtained by the violation). “Benefit obtained” means any gain the trader received or any loss the trader may have avoided. The maximum civil penalty that can be imposed on a firm when an employee engages in insider trading is the greater of $1 million or three times the amount of the profit gained or loss avoided as a result of the violation.

For more severe instances, the Justice Department may bring criminal charges, carrying maximum penalties of $5 million for each willful violation and/or 20 years in prison. Firms may be fined up to $25 million.

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