U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23593 / July 8, 2016
Securities and Exchange Commission v. Thomas W. Avent, Jr., Raymond J. Pirrello, Jr., and Lawrence J. Penna, Civil Action No. 1:16-cv-02459-SCJ (N.D. Ga. filed July 7, 2016)
SEC Sues Accounting Firm Partner, Stock Broker and Securities Law Recidivist in Insider Trading Scheme
The Securities and Exchange Commission announced today that on July 7 it charged Thomas W. Avent, Jr., an Atlanta mergers and acquisition attorney and certified public accountant, and two individuals with connections to the securities industry, Raymond J. Pirrello, Jr. and Lawrence J. Penna with insider trading in the securities of Radiant Systems, Inc., Midas Incorporated, Inc., and Brightpoint, Inc.
The SEC's complaint, filed in federal court in Atlanta, alleges that between 2011 and 2012:
The SEC's complaint charges Avent and Pirrello with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Avent, Pirrello and Penna with violating Section 14(e) of the Exchange Act and Rule 14e-3 thereunder.
The SEC's investigation has been conducted by Ruta G. Dudenas and Rebecca Bernard, and has been supervised by Amy Stahl Cotter, all of the Chicago Regional Office. The SEC's litigation will be led by John E. Birkenheier, Robert Moye and Pat Huddleston. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.