Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, April 18, 2007

SEC Charges Former GC with Inside Trading

The SEC today filed a civil injunctive action against Kevin  J. Heron of  Phoenixville,  Pennsylvania, the  former  general  counsel, corporate secretary, and chief insider trading compliance  officer  of Amkor Technology, Inc. The Commission's complaint  alleges  that  from October 2003 through June 2004, Heron engaged in a pattern of  insider trading by trading in Amkor securities  prior  to  five  Amkor  public announcements relating  to  financial  results  and  company  business transactions. During this  period,  Heron  executed  more  than  fifty illegal trades in Amkor stock and options on the  basis  of  material, nonpublic information that Heron  had  learned  as  a  result  of  his position as general  counsel.  Heron  executed  nearly  all  of  these illegal trades while he and other company employees  were  subject  to company blackout periods that prohibited them from  trading  in  Amkor stock. Even though Heron was the person at Amkor who  was  responsible for administering these blackout  periods,  Heron  routinely  violated Amkor's blackout periods by trading  on  inside  information.  Heron's trading yielded profits, and losses  avoided,  totaling  approximately $290,000.  Heron  was  terminated  from  his  positions  at  Amkor  in September 2005.

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