California-based family office Whittier Trust and its former fund manager have agreed to pay $1.68 million to settle insider trading charges.
Reuters reported that Whittier will pay about $1.52 million, while Dosti has been fined nearly $159,000.
The Securities and Exchange Commission accused Whittier and Victor Dosti of illegally trading shares of Dell, Nvidia Corp. and Wind River Systems stocks based on confidential tips from Danny Kuo, a former Whittier fund manager Dosti supervised.
Whittier said in a statement that the “the conduct engaged in by two former employees is completely contrary to the core values of [the] organization.”
Whittier manages more than $8 billion for families in more than 30 states.