Family Feud! Insider Trading Fueled by Secret Acquisition Tip!

SEC v. Oskar Elmgart, Raymond Leibman — U.S. Securities and Exchange Commission Litigation Release No. 26556, dated May 18, 2026.

The SEC charged Oskar Elmgart and Raymond Leibman with insider trading. They allegedly used material nonpublic information about CoStar Group's planned acquisition of Matterport, obtained from a Matterport employee, to trade Matterport securities before the public announcement. Both defendants settled the charges, agreeing to pay disgorgement, interest, and civil penalties.

In Plain English

Imagine someone learns a secret about a company before anyone else does. This secret is that a bigger company is going to buy it, which will likely make the company's stock price go way up. Instead of waiting for the news to be public, this person tells their friends, and they buy a lot of the company's stock or options to make money. This is illegal because it's not fair to other investors who don't have the secret information. In this case, two people, Oskar Elmgart and Raymond Leibman, are accused of doing just that. They allegedly got this secret information from a family member who worked at the company being bought and then traded on it, making a profit.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Family Connection to Confidential Deal A family member of Oskar Elmgart and Raymond Leibman worked at Matterport, Inc. This employee was involved in a commercial agreement related to a potential acquisition of Matterport.
2. Misappropriation of Information In the weeks leading up to April 22, 2024, the Matterport employee learned highly confidential information about the acquisition. Elmgart and Leibman allegedly misappropriated this material nonpublic information from their family member.
3. Elmgart Buys Call Options Between April 16 and April 19, 2024, Elmgart spent $3,100 to purchase short-term, out-of-the-money Matterport call options, betting on a significant price increase.
4. Leibman Buys Stock On April 19, 2024, just days before the announcement, Leibman purchased 10,000 shares of Matterport stock.
5. Acquisition Announcement On April 22, 2024, CoStar Group, Inc. publicly announced its agreement to acquire Matterport for approximately $1.6 billion.
6. Stock Price Surges Following the announcement, Matterport's stock price surged by 176%, increasing from $1.74 per share to $4.80 per share on the day of the announcement.
7. Elmgart Realizes Profits After the announcement, Elmgart sold his call options, realizing an illicit profit of $63,050, representing a return of approximately 2,000% on his investment.
8. Leibman's Unrealized Profits Leibman's trading activity yielded unrealized illicit profits of $30,581 based on the increased stock price after the acquisition announcement.

The Enforcement Action

On May 18, 2026, the SEC filed a settled action against Oskar Elmgart and Raymond Leibman, two New Jersey residents, for insider trading in Matterport, Inc. securities. The defendants allegedly misappropriated material nonpublic information about CoStar Group's impending acquisition of Matterport from a family member who was a Matterport employee. Elmgart purchased call options and Leibman purchased stock between April 16-19, 2024, ahead of the April 22, 2024 announcement. Without admitting or denying the allegations, they agreed to final judgments permanently enjoining them from violating Section 10(b) of the Exchange Act and Rule 10b-5. Elmgart will pay $63,050 in disgorgement plus $6,173 in prejudgment interest and a $63,050 civil penalty. Leibman will pay $30,581 in disgorgement plus $2,795 in prejudgment interest and a $30,581 civil penalty. The SEC investigation was conducted by Han Nguyen and Julia C. Green, with assistance from John Rymas and supervision by Joseph G. Sansone. Trial counsel Karen M. Klotz assisted under the supervision of Gregory R. Bockin, and Scott A. Thompson. The SEC appreciated the assistance of FINRA.

Named in this action: Oskar Elmgart, Raymond Leibman.

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