Securities Law Prof Blog

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

Monday, June 6, 2011

SEC Charges California Attorney with Misappropriating Information from Daughter

On June 3, 2011, the SEC charged Dean A. Goetz, a California attorney, with insider trading in the securities of Advanced Medical Optics, Inc. in advance of the January 12, 2009 announcement that Abbott Laboratories, Inc. would acquire Advanced Medical Optics in a tender offer. Goetz traded based on nonpublic information regarding the impending merger and acquisition that he misappropriated from his daughter, a lawyer who, at the time, worked for the law firm representing Advanced Medical Optics in the transaction. Without his daughter's knowledge, Goetz misappropriated confidential deal information from her while she worked on the transaction at her parents’ house over the holidays in December 2008. On January 8, 2009 – shortly before the market was to close on the day the deal was originally scheduled to be announced – Mr. Goetz bought 900 shares of Advanced Medical Optics, and earned illegal profits of $11,418.

Without admitting or denying the SEC’s allegations, Goetz agreed to settle the charges against him. and pay full disgorgement of $11,418, plus prejudgment interest of $925.65, and a penalty of $11,418, for a total of $23,761.65.

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