SEC v. Charles Rustin Holzer, Maglione International Ltd., Frontenac Investments Ltd. (insider trading, 2023)

Judgment entered

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In August 2023 the SEC announced final consent judgments against family-office executive Charles Holzer and two Cayman entities, named as relief defendants, over a second set of Dun & Bradstreet trades. Holzer was ordered to pay a $1,173,926 penalty and the entities $391,309 in disgorgement plus $99,226 in interest.

The record

What was ordered

Civil penalty

$1.2m

Disgorgement

$391k

Prejudgment interest

$99.2k

Total relief

$1.7m

Alleged gain

—

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 the judgments on August 7, 2023 as litigation release 25805; they were entered on August 4 in the Southern District of New York.

The complaint alleges Holzer learned of the August 2018 acquisition of Dun & Bradstreet from an investment adviser under a non-disclosure agreement, bought 23,000 shares through Maglione International and Frontenac Investments for $391,308 of profit, and did not disclose the trades in an earlier SEC case against him.

Maglione owes $331,389 and $84,032 and Frontenac $59,920 and $15,194; Holzer is enjoined. The earlier record showed only Maglione's amounts and omitted Holzer's penalty.

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. 2023-08-07 Litigation release published

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

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.