A former stock market official from Nasdaq discretely traded sensitive company details from the desktop of his work computer in an effort to make more than $750,000 in illicit profits, according to officials from the federal government.
Mr. Donald Johnson, who is 56 years old, plead guilty to the one count of criminal securities fraud charged against him on Thursday in a federal court in Virginia. This case was one of the most brash in a recent string of these types of insider trading cases because in his role at Nasdaq, Mr. Johnson had access to strictly confidential information contained in huge corporate announcements like the departures, earnings and shortfalls of top executives.
Court documents state that once the announcements officially came out, he could close out his stock positions and take the profits. He traded through an account that was in the name of his wife, but he used his work computer to do so.
“He has accepted responsibility for his actions”, said Mr. Johnson’s lawyer Jonathan Simms. “I think that the charge is in no way indicative of his overall character”. He went on to say that Mr. Johnson “is a committed family man, and he’s looking forward to closing this chapter in his life and moving on”.
