5 November 2019: A former US Securities and Exchange Commission (SEC) compliance examiner, Michael Cohn, is to face charges of obstruction after he allegedly stole information about a private equity firm that he was hoping to join.
It is thought that, during his time at the SEC, Cohn gained unauthorised access to the regulator’s servers in order to find out information about an investigation into GPB Capital Holdings LLC. Shortly after leaving the SEC, Cohn then joined GPB Capital Holdings as managing director and chief compliance officer.
The US Department of Justice commented: “During discussions with GPB personnel about obtaining a job there, Cohn advised them that he had inside information about the SEC’s investigation, and on several occasions he disclosed information to members of GPB’s senior management about that investigation.”
Cohn has been charged with obstruction, obtaining information from a government computer and unauthorised disclosure of confidential information. He has been released on a $250,000 bond.