David Willey

The Securities and Exchange Commission filed charges against the former finance chief of Capital One Financial Corporation alleging insider trading. After learning federal regulators planned to downgrade their assessment of the bank's overall condition, David Willey sold thousands of stocks on the market; two months later Capital One shares fell 40%. The case claimed Willey knew about regulators' concerns and that he failed to disclose transactions in regulatory filings. Willey will pay $1.8 million, including an $801,000 fine for insider trading. (Nov-21-06) [NEW YORK TIMES: INSIDER TRADING]

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