The Securities and Exchange Commission today charged an analyst at a large international investment bank with insider trading based on confidential information that he learned about Siris Capital Group’s plans to acquire Electronics for Imaging, Inc. (EFII).

According to the SEC’s complaint filed in federal court in Manhattan, Bill Tsai, a junior investment banker in the bank’s New York office, learned of the acquisition when Siris consulted the bank about providing financing and advice on the transaction.┬áThe SEC alleges that soon after learning about the deal, Tsai purchased EFII call options, which he sold for a profit of approximately $98,750 shortly after the deal was announced in mid-April 2019.

Tsai allegedly attempted to hide his illegal activity by conducting his trading in a brokerage account that he concealed from his employer, and by circumventing the bank’s policies that require employees to pre-clear securities trades.