Texas Broker Is Charged With Front-Running; Assets Frozen

A federal court has frozen the assets of a Dallas, Texas broker who is charged with making illegal profits by front-running trades ordered by his clients. The  Securities and Exchange Commission reported the action against Daniel Bergin, 40, who worked at Cushing MLP Asset Maagement LP.
The SEC said that between 2011 and 2012, Bergin allegedly made $1.7 million in profits by making trades through his wife's account before placing the same trades ordered by his customers. The front-running occurred on hundreds of occasions, regulators said.
The SEC received a court order freezing assets belonging to Bergin and his wife, and is seeking disgorgement, fines, and injunctions in the case.