ADMINISTRATIVE PROCEEDING
File No. 3-21219

October 25, 2022 - The Securities and Exchange Commission entered an order today charging Scott A. Woodward, CPA, age 47, of Dallas, Texas, with insider trading in the stock of PFSweb, Inc., a public company based in Allen, Texas.

The SEC's order finds that, while working as an accountant on contract at PFSweb, Woodward learned that PFSweb was preparing to sell its LiveArea business unit. Despite his supervisor's warnings that the planned sale constituted material, non-public information, Woodward purchased 4,970 shares of the company's stock in late June 2021. These purchases violated PFSWeb's internal policies, applicable to Woodward, restricting company employees and contractors from trading in the company's stock before the LiveArea sale was made public. When PFSweb publicly announced the sale on July 6, 2021, the company's share price increased 56% from its pre-announcement closing price. Woodward reaped $21,326.36 in profits from his illegal transactions.

In settlement with the SEC, Woodward consented to entry of the order without admitting or denying its findings. It orders Woodward to (a) cease and desist from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, (b) disgorge $21,326.36 plus pre-judgment interest of $555.59, and (c) pay civil penalties of $21,326.36. The order also denies Woodward the privilege of appearing or practicing before the SEC as an accountant, with a right to apply for reinstatement after five years.