The United States Securities and Exchange Commission (SEC) has obtained a judgment against Marc Demane Debih, a a Swiss national, who generated at least $49 million in illicit profits in connection with his active participation in two multi-year insider trading schemes.

On December 7, 2021, Judge Loretta A. Preska of the New York Southern District Court signed an order approving a consent judgment reflecting a settlement between the parties.

Among other things, the Judgment permanently enjoins Debih from committing additional violations of Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], as well as Section 14(e) of the Exchange Act [15 U.S.C. § 78n(e)] and Rule 14e-3 [17 C.F.R. § 240.14e-3] promulgated thereunder.

The Judgment defers the possible imposition of a civil penalty because Debih is also party to a parallel criminal case. He has entered a guilty plea pursuant to a cooperation agreement with the United States Attorney’s Office for the Southern District of New York, which includes a $49 million forfeiture order, and is scheduled to be sentenced on December 10, 2021 by the Honorable Denise L. Cote.

The SEC’s complaint alleges that Debih was a central figure in two separate schemes to trade in the securities of U.S. public companies in advance of news that these companies had been targeted for acquisition. Debih allegedly received illicit tips through a network that included two London-based investment bankers and a U.S.-based investment banker, all of whom the SEC charged in October 2019. The complaint alleges that Debih traded on the tips he received from the investment bankers and that he tipped others to trade.

Debih is the eighth person the SEC has charged in connection with these schemes.