Edward Kelly has been suspended from appearing or practicing before the SEC as an accountant because he got caught insider trading.
Now the agency has brought an insider trading case where the retired controller returned to aid his now floundering firm. Before saving the company, however, he saved himself by selling all of his stock and options after analyzing the firm’s books. SEC v. Kelly, Civil Action No. 1:20-cv-04449 (E.D.N.Y. Filed Sept. 23, 2020).
Defendant Edward T. Kelly is the retired controller of Aceto Corporation. After Mr. Kelly retired the firm had financial difficulties. In March 2018 Mr. Kelly returned to aid the company. After determining that the company had financial issues, he sold all of his firm shares and options. By trading while in possession of inside information he avoided losses of over $85,000.
The complaint alleges violations of Exchange Act Section 10(b). To resolve the action Mr. Kelly consented to the entry of a permanent injunction based on the section cited in the complaint. He also agreed to the entry of an order that bars him from serving as an officer or director of a public company and to pay a penalty of $170,228.
Kelly, 63, was a CPA licensed to practice in New York from June 1981 until February 2019, according to the SEC order. He served as Aceto’s controller from 2001 until his retirement on March 7, 2018, and as a consultant to Aceto in April 2018.
Kelly started his career in public accounting in the early 1980s, working at Touche Ross for a few years, according to his LinkedIn profile.
Retired Controller Returns to Save Firm, Insider Trades [SEC Actions]
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