Compass Investments

– A senior Federal Reserve official in the U.S. Department of Justice’s Pocket Insider trading scheme770000 faces 25 years in prison: US Department of Justice -Daily Hodl

– A former banking expert and senior manager at the Federal Reserve Bank of Richmond (FRB) is behind bars for using confidential information to trade US bank stocks.

The U.S. Department of Justice (DOJ) announced that former senior Federal Reserve Board official Robert Brian Thompson pleaded guilty to one count of insider trading and one count of making false statements. The DOJ alleges that Thompson abused his position and used confidential information to make 69 trades in the stock of an unnamed financial institution. According to the DOJ, Thompson’s trades netted him a personal benefit of $771,678.

To conceal his insider trading scheme, Thompson made a false entry on his Form D indicating that he did not own stock in a publicly traded financial institution. He also stated that he had not engaged in any conduct that would create a conflict of interest or violate Federal Reserve law or policy.

Federal Reserve Form D is required to indicate whether an employee owns assets, including stock in banks registered with the Federal Reserve. The Justice Department alleges that the fraud occurred between 2020/10 and 2024/2.