The SEC claims that insider trading defendant Thomas Condradt committed perjury at the trial of his co-defendant Daryl Payton in breach of his cooperation agreement and, instead of the agreed-upon penalty of $2,533, the SEC is now seeking a penalty of almost $3 million. The jury ultimately convicted Payton, even though the SEC was clearly displeased with Conradt. (We have covered this case in several posts, see here, including Mr. Payton’s own troubles with perjury allegations, see here. More color is provided by an article in the WSJ (h/t) today).
The SEC argued that Conradt had to be repeatedly impeached with his prior deposition testimony at trial, at should be punished in a way that deters others from doing the same:
Continue Reading SEC Claims Cooperator Lied At Trial; Seeks To Up Penalty from $2,500 to $3 Million