Monday, December 19, 2005
Howard Stern decided to move to Sirius Radio and the information had a value. Now that proves well for Howard Stern, but not for those around him who might have decided to trade on that information. Unfortunately, an accountant and former VP of Sirius now find themselves entering into a civil settlement. (see here Fraud Update's to an SEC Press Release). The press release states in part:
" Without admitting or denying the SEC’s allegations, ..., a certified public accountant and former president of [an] accounting firm ...., agreed to pay $52,000, and former Sirius executive vice president .... agreed to pay $35,000 to settle the Commission’s charges."
The Washington Post reports here that the accountant also plead guilty to criminal insider trading.