Securities Law Prof Blog

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

Thursday, August 16, 2007

Former U.S. Bancorp Asset Management Portfolio Manager Settles Insider Trading Charges

The SEC  announced  a settlement imposing Remedial Sanctions against Joseph A.  Frohna, a former portfolio  manager with U.S. Bancorp Asset Management, Inc.  The SEC's complaint alleged that Frohna engaged in insider  trading by having the mutual fund that he managed sell all of  its  shares  of XOMA, Ltd. on the basis of material,  nonpublic  information  that  he obtained from his brother, who was leading a joint drug study for XOMA and another pharmaceutical company. As a result  of  Frohna's  insider trading, the mutual fund that he managed avoided a loss of $954,776.  Based on the above, the Order suspends Frohna  from  association  with any investment adviser for a period of twelve months. Frohna consented to the issuance of the Order without admitting or denying the findings in the Order, except he admitted the entry of  the  injunction.

http://lawprofessors.typepad.com/securities/2007/08/former-us-banco.html

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