SEC Reportedly to Sue Lehman Analyst, Spouse
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The Securities and Exchange Commission plans to file a civil suit against Lehman Bros. Internet stock analyst Holly Becker and her husband, Michael Zimmerman, on charges of insider trading based on her firm’s research, a source familiar with the matter said Wednesday.
Becker has been under investigation for some time on suspicion that she passed research notes to Zimmerman, a stock trader, before they were released to clients, and he profited by trading in those securities, the source said.
Lehman Bros. and Becker did not immediately return calls. Zimmerman could not immediately be reached for comment.
An SEC spokesman declined to comment.
Becker and her husband were sent a Wells notice from the SEC about two or three months ago giving them an opportunity to respond to the pending charges, the source said.
The commission plans to file civil charges against them in federal court next week, indicating settlement discussions weren’t successful, the source added.
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