SEC v. Anthony Andrade, et al. (insider trading, 2015)

Settled

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The SEC's June 2015 insider trading case against Bancorp Rhode Island director Anthony Andrade and three associates ended, as to Andrade, in a consent final judgment entered on 1 November 2016 in the District of Rhode Island. It imposes a $150,000 civil penalty. The SEC says the three traders had settled earlier; their amounts were not read.

The record

What was ordered

Civil penalty

$150k

Disgorgement

$63.2k

Prejudgment interest

$8.5k

Total relief

$222k

Alleged gain

$80k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on June 8, 2015 as release LR-23278. The respondents named are Anthony Andrade, Robert Kielbasa, Fred Goldwyn and Kenneth Rampino (4 individuals, 0 entities).

This library tags the matter as insider trading, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The relief recorded in our data is a civil monetary penalty of $63,210, disgorgement of $63,210, prejudgment interest of $8,506. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

On 1 November 2016 the court entered a final judgment against Andrade, who consented to it without admitting or denying the allegations. The judgment permanently enjoins him from violating Section 10(b) and Rule 10b-5 and requires a civil penalty of $150,000, payable within 14 days. The SEC's release reports that the other three defendants, Robert Kielbasa, Fred Goldwyn and Kenneth Rampino, had agreed to settle before this; a judgment against Rampino is dated 29 July 2016 in the SEC's file. I did not read the amounts for those three, so the money stored here is Andrade's penalty only. The SEC's original allegation was that he passed non-public news of the bank's possible sale to friends who traded.

For the regulator's own account of the facts, read the primary documents linked above. This page summarises the structured record and does not reproduce them.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-06-08 Litigation release published
2. 2016-11-01 Final judgment entered against Andrade (D.R.I.)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC litigation release 23681 (final judgment against Andrade)
• Final judgment as to Anthony Andrade (1 Nov 2016)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.