Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, January 11, 2008

SEC Bars Father and Son from Industry for Insider Trading

The SEC barred Elliot Joel Smith (E. Smith), of New  York  City, and his son, Gregg Ashley Smith (G. Smith), from associating with any broker-dealer because of alleged insider-trading.  E. Smith was employed  as  the  Managing  Director of Broadband Capital Management,LLC, a registered broker-dealer, and G. Smith was employed as an investment  banker at Banc of America Securities,LLC.  The sanction was based on a permanent injunction entered in an SEC enforcement action.  The  complaint  in that matter alleged  that  from  December  2001  to  December  2002,  E. Smith received material, nonpublic information  about  three  public companies from his son, G. Smith, and traded on that information.

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