SEC v. Michael J. Maciocio and David P. Hobson (insider trading, 2016)

Settled

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In June 2016 the SEC charged Michael Maciocio and his friend, stockbroker David Hobson, with insider trading in pharmaceutical deal targets. Maciocio consented to a judgment in June 2016 and final judgments on consent against both were entered on March 15, 2017, with disgorgement and interest deemed satisfied, in whole or in part, by criminal forfeiture.

The record

What was ordered

Civil penalty

—

Disgorgement

$428k

Prejudgment interest

$86.1k

Total relief

$514k

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 this matter on June 8, 2016 as release LR-23561. The respondents named are Michael J. Maciocio and David P. Hobson (2 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 release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

SEC litigation release 23783 reports that the Southern District of New York entered consent judgments against both men without an admission or denial of the allegations: an injunction against Maciocio on June 24, 2016, and final judgments on March 15, 2017. Maciocio's judgment orders disgorgement of $116,779.42 plus prejudgment interest of $11,407.11, to be deemed satisfied by any forfeiture in his criminal case. Hobson's orders disgorgement of $311,168.40 plus interest of $74,669.88, deemed partially satisfied by his forfeiture order. Both pleaded guilty in the parallel criminal case; Hobson was sentenced to six months in prison, and the release does not state Maciocio's sentence. The money fields add the two defendants' disgorgement and interest figures as ordered; because forfeiture in the criminal case satisfies them in whole or in part, they are not additional to it. Checked on 2026-10-04.

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. 2016-06-08 Litigation release published
2. 2017-03-15 Final judgments on consent entered against Maciocio and Hobson (SEC LR-23783)

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 23783 (final judgments)

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.