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The United States has accused a former Wall Street quantitative analyst of dealing with domestic trade by Reuters.


টার A road sign for Reuters Wall Street can be seen outside the New York Stock Exchange

By Jonathan Stampel

NEW YORK (Reuters) – A former quantitative analyst on Wall Street was charged Thursday with insider trading for nearly 200,000 trades and his employer will soon do the same for clients, known as front-running.

Sergei Polvikov, a year-old from Port Washington, New York, made more than. 5.5 million in illicit profits from the business he conducted from January 2014 to October 2014 through his wife’s brokerage account, according to the U.S. Department of Justice.

According to a public record search, Polevich worked for the Oppenheimer Fund during the alleged front-running.

Prosecutors said his businesses were designed to take advantage of small stock price movements, as expected by his employer after fulfilling orders from larger clients.

In a related citizen complaint, the U.S. Securities and Exchange Commission said that of Polevich’s 2,874 overlapping trades, 2,858 were the same as his employer.

Polvikov was charged with securities fraud, wire fraud and investment company fraud.

Bail was set at প্রাথমিক 1.5 million in his preliminary appearance in Manhattan federal court on Thursday afternoon. Polevich was arrested Wednesday night. Securities fraud and wire fraud counts each carry a maximum of 20 years in prison.

In Manhattan, U.S. Attorney Audrey Strauss said in a statement that Polvikov “violated not only the terms of his employment, but also the law by abusing non-public information, the material for doing private business before large institutional businesses.”

A lawyer for Polevich did not immediately respond to a request for comment.

According to his LinkedIn page, Polvikov left Oppenheimer’s fund in October 2019, five months after the acquisition of Massmutual from Invesco Limited.

He is now the chief executive of WellAI, a Wyoming-based health and technology company he co-founded last year.

Invesco said it has cooperated with the government’s investigation and will provide any additional assistance at the government’s request. WellAI did not immediately respond to a request for comment.

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