SEC v. Robert Brian Thompson, No. LR-26356, Eastern District of Virginia (July 21, 2025) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26356 / July 21, 2025 Securities and Exchange Commission v. Robert Brian Thompson, No. 3:24-cv-00800-MHL (E.D. Va. filed Nov. 8, 2024) SEC Obtains Final Judgment against Richmond Federal Reserve Banking Supervisor Charged with Insider Trading On July 18, 2025, the United States District Court for the Eastern District of Virginia entered a final consent judgment against Robert Brian Thompson, a long-time banking supervisor and examiner at the Federal Reserve Bank of Richmond, whom the SEC previously charged with insider trading in stock and options of two publicly traded banks that were under his supervisory purview. The SEC’s complaint, filed on November 8, 2024, alleged that in October 2023, Thompson obtained a preview of an upcoming positive earnings announcement by one of the banks in his supervisory portfolio, and used that information to buy $678,000 worth of the bank’s stock hours before the scheduled announcement. The SEC’s complaint further alleged that, in January 2024, Thompson learned that a different bank in his supervisory portfolio would be disclosing unexpected loan losses worth hundreds of millions of dollars as part of an upcoming earnings announcement, and then used that information to buy thousands of put options on the bank’s stock two days before the scheduled announcement. According to the SEC’s complaint, Thompson obtained ill-gotten profits of $584,873 from these unlawful trades. The SEC charged Thompson with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. On December 20, 2024, the court entered a bifurcated consent judgment in which Thompson was enjoined from violating the charged antifraud provisions. On July 18, 2025 the court entered a final consent judgment in which Thompson agreed to pay disgorgement of $584,873 and prejudgment interest thereon of $67,750, the payment of which was deemed satisfied by the entry of a forfeiture order against Thompson in a parallel criminal proceeding, United States v. Thompson, 3:24-cr-00164-MHL (E.D. Va.), in which Thompson pleaded guilty and was sentenced to 24 months in prison. The SEC’s investigation was conducted by Derek M. Schoenmann, David Bennett and Lindsay S. Moilanen of the Market Abuse Unit and supervised by Market Abuse Unit Chief Joseph G. Sansone. The SEC’s litigation was led by Mr. Schoenmann and Nicholas Margida. The SEC appreciates the assistance of the U.S. Department of Justice Criminal Division Fraud Section, the U.S. Attorney’s Office for the Eastern District of Virginia, and the Federal Reserve Board’s Office of the Inspector General.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26356 / July 21, 2025 Securities and Exchange Commission v. Robert Brian Thompson, No. 3:24-cv-00800-MHL (E.D. Va. filed Nov. 8, 2024) SEC Obtains Final Judgment against Richmond Federal Reserve Banking Supervisor Charged with Insider Trading On July 18, 2025, the United States District Court for the Eastern District of Virginia entered a final consent judgment against Robert Brian Thompson, a long-time banking supervisor and examiner at the Federal Reserve Bank of Richmond, whom the SEC previously charged with insider trading in stock and options of two publicly traded banks that were under his supervisory purview. The SEC’s complaint, filed on November 8, 2024, alleged that in October 2023, Thompson obtained a preview of an upcoming positive earnings announcement by one of the banks in his supervisory portfolio, and used that information to buy $678,000 worth of the bank’s stock hours before the scheduled announcement. The SEC’s complaint further alleged that, in January 2024, Thompson learned that a different bank in his supervisory portfolio would be disclosing unexpected loan losses worth hundreds of millions of dollars as part of an upcoming earnings announcement, and then used that information to buy thousands of put options on the bank’s stock two days before the scheduled announcement. According to the SEC’s complaint, Thompson obtained ill-gotten profits of $584,873 from these unlawful trades. The SEC charged Thompson with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. On December 20, 2024, the court entered a bifurcated consent judgment in which Thompson was enjoined from violating the charged antifraud provisions. On July 18, 2025 the court entered a final consent judgment in which Thompson agreed to pay disgorgement of $584,873 and prejudgment interest thereon of $67,750, the payment of which was deemed satisfied by the entry of a forfeiture order against Thompson in a parallel criminal proceeding, United States v. Thompson, 3:24-cr-00164-MHL (E.D. Va.), in which Thompson pleaded guilty and was sentenced to 24 months in prison. The SEC’s investigation was conducted by Derek M. Schoenmann, David Bennett and Lindsay S. Moilanen of the Market Abuse Unit and supervised by Market Abuse Unit Chief Joseph G. Sansone. The SEC’s litigation was led by Mr. Schoenmann and Nicholas Margida. The SEC appreciates the assistance of the U.S. Department of Justice Criminal Division Fraud Section, the U.S. Attorney’s Office for the Eastern District of Virginia, and the Federal Reserve Board’s Office of the Inspector General.