SEC v. Robert M. Munakash, Carlos A. Rodriguez, and Marc Winters (insider trading, 2016)

Settled

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In February 2016 the SEC alleged that Robert Munakash, an employee and a broker traded GSI Commerce stock ahead of its acquisition by eBay. All three resolved without admitting or denying the allegations: Rodriguez and Munakash by consent final judgments in June and December 2016, and the broker, Marc Winters, by an SEC administrative order of December 2, 2016.

The record

What was ordered

Civil penalty

$275k

Disgorgement

—

Prejudgment interest

$235k

Total relief

$510k

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 February 8, 2016 as release LR-23460. The respondents named are Robert M. Munakash, Carlos A. Rodriguez and Marc Winters (3 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 matter ended by consent. A final judgment as to Carlos Rodriguez was filed on June 6, 2016 (prejudgment interest of $20,899.33 and a civil penalty of $42,575.69, payable in instalments). A final judgment as to Robert Munakash was filed on December 7, 2016 (prejudgment interest of $212,975 and a civil penalty of $200,907, with disgorgement of his own trading profits and, as the judgment words it, those of his parents). On December 2, 2016 the SEC separately issued an administrative order against Marc Winters, who agreed to disgorgement of $4,103, prejudgment interest of $837 and a penalty of $31,944. The money fields on this page sum the penalties and prejudgment interest stated in those three documents. The judgments as read do not state a single disgorgement figure for Munakash or Rodriguez, so the disgorgement field is left empty. Each defendant settled without admitting or denying the SEC's allegations, so these documents are not findings of fact. 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. 2016-02-08 Litigation release published
2. 2016-06-06 Final judgment by consent as to Carlos A. Rodriguez
3. 2016-12-02 SEC administrative order against Marc Winters (settled)
4. 2016-12-07 Final judgment by consent as to Robert M. Munakash

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
• Final judgment as to Rodriguez
• Final judgment as to Munakash
• SEC order as to Winters

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.