Former Capital One CFO Settles with SEC for $1.8 Million and 5 Year Bar

On November 20, 2006, the Commission settled insider trading charges against David M. Willey, former CFO of Capital One Financial Corporation. The SEC alleged that Willey traded Capital One stock in advance of a negative announcement concerning supervisory action by the Federal Reserve Board of Governors. Without admitting or denying the charges, Willey agreed to a permanent injunction ordering him to pay over $1.8 million in disgorgement, prejudgment interest and penalties and consented to a five year officer and director bar. In connection with the settlement, the SEC also dropped similar charges against Willey’s wife.