Wednesday, April 18, 2007
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.