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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23284 / June 12, 2015

SEC v. Matthew G. Teeple et al., Civil Action 13-CV-2010 (SDNY)(VEC)
SEC v. Andrew Miller, Civil Action 15-CV-4585 (SDNY)

The SEC today announced that it has obtained final judgments on consent against Matthew G. Teeple, David T. Riley and John V. Johnson in SEC v. Matthew G. Teeple, et al., 13-CV-2010 (SDNY) (VEC). The agency also filed related insider trading charges against Andrew Miller, a friend of Teeple's who traded securities of Foundry Networks, Inc. based on material nonpublic information received from Teeple.

In settling with the SEC, Teeple agreed to be subject to a permanent antifraud injunction, to pay disgorgement and prejudgment interest totaling $166,532, along with a civil penalty of $133,000, and to be permanently barred from the securities industry. Riley agreed to a permanent antifraud injunction, disgorgement, interest and penalties totaling $9,072; and to be permanently barred from serving as an officer or director of a public company. Johnson, who cooperated with the Commission and the U.S. Attorney's Office, has agreed to a permanent antifraud injunction, to disgorge $137,238 in illegal trading profits (along with $21,984 in prejudgment interest), and to be permanently barred from the securities industry. The settlements with Teeple, Riley and Johnson were all approved by the Honorable Valerie E. Caproni of the U.S. District Court for the Southern District of New York on June 11, 2015.

The SEC's newly filed case against Miller alleges that Teeple tipped Miller about the impending announcement of the Foundry acquisition and also provided material nonpublic information to Miller in advance of an October 2008 announcement regarding a delay in the completion of the Foundry-Brocade transaction.

Miller, who also cooperated with the Commission and the U.S. Attorney's Office, has agreed to settle the charges against him by agreeing to a permanent antifraud injunction, to pay disgorgement of $40,136 and prejudgment interest of $6,692, as well as a civil penalty of $20,068. The settlement with Miller is subject to court approval.

For further information, see Litigation Release 22660 (March 26, 2013).

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SEC Complaint

 

http://www.sec.gov/litigation/litreleases/2015/lr23284.htm


Modified: 06/12/2015