The Financial Industry Regulatory Authority Inc. has barred former Goldman Sachs research analyst Brian Maguire for twice purchasing securities after he learned a fellow analyst was upgrading his recommendation in impending research reports and for lying to Finra staff about his trading.
Finra found that in April 2020 and June 2020, Maguire purchased shares of two companies in undisclosed accounts after receiving material nonpublic information. This information consisted of internal emails disclosing that the research analyst covering those companies was upgrading his recommendation from “Neutral” to “Buy” in impending research reports. Maguire purchased the shares after the upgrades were approved internally but before the research reports announcing those upgrades were published.
In settling this matter, Maguire neither admitted nor denied the charges, but consented to the entry of Finra’s findings.
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