July 15, 2009
SEC Brings Allegations of Insider Trading Involving Two Separate Mergers
The SEC today charged 11 individuals who were involved in separate insider trading schemes that were detected through surveillance of unusual trades preceding two different company merger announcements.
The SEC alleges that five individuals, including a former investment banker at Goldman Sachs & Co., illegally tipped or traded on confidential information ahead of an announcement last year that Liberty Mutual Insurance Company would acquire Safeco Corporation, a Seattle-based insurance company.
The SEC additionally alleges that six other individuals illicitly traded on non-public information in advance of an announcement in 2005 that private equity firm Odyssey Investment Partners LLC would acquire Neff Corporation, a Miami-based rental equipment company.
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