A Standard & Poor’s credit analyst has been arrested and charged as part of an insider trading scheme, according to federal prosecutors and regulators.

Both the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York filed charges against Sebastian Pinto-Thomaz and two co-defendants Tuesday. According to authorities, Pinto-Thomaz provided Abell Oujaddou and Jeremy Millul with nonpublic information about the potential acquisition of Valspar Corp. by its rival paint maker Sherwin-Williams Co. in 2016.

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