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NEWARK, NJ – Christopher Matthaei, a 44-year-old former partner at a New Jersey broker-dealer firm, was arrested today and charged with securities fraud conspiracy and securities fraud for his involvement in an insider trading scheme.
The scheme allegedly netted millions of dollars in illegal trading profits through exploiting confidential information about mergers and acquisitions involving special purpose acquisition companies (SPACs).
Matthaei was released on a $250,000 unsecured bond and now faces a maximum penalty of 20 years in prison and a $5 million fine for securities fraud, and five years in prison and a $250,000 fine for securities fraud conspiracy.