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SEC charges junior investment banker with insider trading

The Securities and Exchange Commission charged Bill Tsai, a junior investment banker, with insider trading based on secret information.

According to the complaint filed by the regulator in federal court in Manhattan, Tsai learned of Siris Capital Group LLC's plan to acquire Electronics for Imaging Inc. while working for the bank that Siris Capital asked to provide financing and advice on the deal.

Tsai then allegedly purchased Electronics for Imaging call options through a brokerage account he concealed from his employer and sold them for a profit of approximately $98,750 soon after the deal was announced in mid-April.

The regulator's complaint charges Tsai with violating the anti-fraud provisions of the federal securities laws and seeks recovery of ill-gotten gains plus interest, penalties and injunctive relief.

The U.S. Attorney's Office for the Southern District of New York also announced criminal charges against Tsai.