An insider trading complaint has been filed against Jeffery J. Temple, a former information systems and security manager for Wilmington firm Richards Layton & Finger, alleging that he accessed confidential information to trade ahead of mergers and acquisitions.
The complaint, The Securities & Exchange Commission v. Jeffery J. Temple and Benedict M. Pastro, was filed on Dec. 7, in U.S. District Court for the District of Delaware. In what the SEC called “an egregious betrayal of trust,” Temple allegedly accessed “material nonpublic information” from the firm about its clients’ prospective deals and used the information to make illegal trades. He also funneled information to Pastro, his brother-in-law, so he could trade illegally.
