SEC v. Artis Capital Management, L.P. and Michael W. Harden (insider trading, 2016)

Settled

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In October 2016 the SEC settled with hedge fund adviser Artis Capital Management and analyst Michael Harden for failing to supervise a research analyst, Matthew Teeple, who obtained inside information from a company insider, and for weak policies. Artis pays $5,165,862 in disgorgement, $1,129,222 interest and a $2,582,991 penalty.

The record

What was ordered

Civil penalty

$2.6m

Disgorgement

$5.2m

Prejudgment interest

$1.1m

Total relief

$8.9m

Alleged gain

$5.2m

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 issued the order on October 13, 2016 (administrative proceeding 3-17624).

The order finds Artis and Harden failed reasonably to supervise Teeple, who procured material non-public information from a public company insider, and that Artis did not enforce policies to prevent misuse of such information.

The $133,000 penalty earlier shown on this page is Teeple's, from his separate 2015 judgment; the order's penalty on Artis is $2,582,991. The status was also wrongly recorded as dismissed; this was a settled order.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

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. 2016-10-13 Administrative proceeding instituted (findings)

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 order

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.

Related actions

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

Record added September 10, 2026. submit a correction.