A former trader at Goldman Sachs and his father will pay nearly $100,000 to settle insider-trading charges that involved exchange traded funds, Ignites.com reports Friday.

Last year, the Securities and Exchange Commission charged an ex-Goldman Sachs employee Spencer Mindlin with abusing knowledge of confidential information on the bank’s trading system on a retail ETF.

Mindlin was charged with insider trading after tipping off his father, Alfred Mindlin, about Goldman’s hedging plays pegged to the SPDR S&P Retail ETF (NYSEArca: XRT).

The SEC alleged the two pocketed $57,000 in illegal profits on trades in late 2007 and early 2008.

“In a cease-and-desist order issued Thursday, the SEC said the two would jointly pay $57,481 in disgorgement plus $10,081 in interest on proceeds from the trades, while Spencer Mindlin would pay an additional $25,000 civil penalty,” Ignites.com reports.


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