Securities Law Prof Blog

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

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Thursday, March 13, 2008

SEC Charges Three with Insider Trading in Connection with Eurex Merger with ISE

The SEC filed an insider trading case against three individuals alleging illegal tipping and trading in advance of the April 30, 2007, announcement of Eurex Frankfurt A.G.'s $2.8 billion cash merger agreement with International Securities Exchange Holdings, Inc.  The defendants, John F. Marshall, Vice Chairman of ISE, Alan L. Tucker, and Mark R. Larson were all partners in Marshall Tucker & Associates, L.L.C., a New York-based financial consulting partnership. The SEC's complaint alleges that Marshall received detailed and current information regarding the highly confidential ISE-Eurex merger talks, and tipped Tucker and Larson. According to the complaint, Tucker and Larson then purchased ISE securities resulting in illegal profits totaling approximately $1.1 million and $31,000, respectively.

Simultaneous with the filing of the SEC action, the U.S. Attorney's Office for the Southern District of New York announced the filing of a criminal complaint charging the three men with conspiracy to commit securities fraud.

http://lawprofessors.typepad.com/securities/2008/03/sec-charges-thr.html

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