SEC v. David A. Zimliki and Russel P. Schiefer (insider trading, 2018)

Settled

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In May 2018 the SEC charged two Pennsylvania men with trading Golden Enterprises shares before its merger with Utz, and both settled. David Zimliki's profit was $9,319 and Russell Schiefer's $5,877, and the settlement terms are disgorgement with interest and penalties equal to each profit.

The record

What was ordered

Civil penalty

$15.2k

Disgorgement

$15.2k

Prejudgment interest

—

Total relief

$30.4k

Alleged gain

$15.2k

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 SEC alleged that Zimliki learned of the planned merger from a close friend, bought shares and tipped Schiefer, who also bought. They sold after the announcement. Both consented to injunctions, disgorgement plus interest and penalties equal to their profits. The stored figures are the combined profits ($15,196) and the matching penalties; interest is not itemised in 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. 2018-05-04 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.