SEC Charges Former Public Company Officer and His Sister-In-Law with Insider Trading

The Securities and Exchange Commission today charged Alfred V. Tobia, Jr., the former president and chief investment officer (CIO) of one public company and a member of the board of another, and his sister-in-law, Elizabeth Lee, with insider trading that resulted in more than $428,000 in illegal profits. The defendants have agreed to pay more than $1.36 million to settle the charges. According to the SEC’s complaint, Tobia allegedly breached his fiduciary duty as president and CIO of the public company by tipping Lee in the Summer of 2021 about his company’s plan to make an offer to acquire all of the outstanding shares of Spok Holdings Inc., after which Lee promptly placed trades to purchase Spok stock.