January 13, 2009
Former Amkor Tech GC Consents to Insider Trading Injunction
The SEC announced that the United States District Court for the Eastern District of Pennsylvania entered a Final Judgment of permanent injunction and other relief, including a permanent officer and director bar against Kevin J. Heron ("Heron"), the former General Counsel of Amkor Technology, Inc. ("Amkor"). Without admitting or denying the Commission's allegations, Heron consented to the entry of the Final Judgment.
The judgment settles the Commission's claims against Heron in a civil action filed on April 18, 2007. The SEC alleged 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. As alleged in the complaint, 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.
In October 2007, in a parallel criminal proceeding, Heron was convicted of securities fraud. Heron was sentenced to, and is currently serving, fifteen months incarceration, and ordered to forfeit approximately $43,000 of illegal trading proceeds.
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