Tuesday, September 30, 2008
The SEC settled insider trading charges against Elias Antoun, the former President and CEO of Genesis Microchip, Inc. It alleged that Antoun bought Genesis stock while in confidential merger negotiations with STMicroelectronics, one of the world's largest semiconductor companies. The SEC also charged Antoun's childhood friend, Samir Abed, who purchased Genesis stock and options after learning of the merger negotiations from Antoun. Both Antoun and Abed, who netted profits of approximately $33,975 and $51,206, respectively, when the merger was announced, agreed to settle the SEC's charges without admitting or denying the Commission's allegations.