Friday, December 1, 2006

Insider Trading Charges for Purchases of Five Community Bank Stocks

The U.S. Attorney's Office for the Southern District of California and the SEC filed criminal and civil insider trading charges against Robert Gallivan for trading in the shares of five California community banks before they were acquired.  According to the SEC Litigation Release (here):

Prior to the public announcement of proposed mergers involving Valencia Bank & Trust (announced August 6, 2002), Monterey Bay Bank (announced April 8, 2003), Sun Country Bank (announced April 30, 2003), Mid Valley Bank (announced September 16, 2003) and Harbor National Bank (announced December 1, 2003), Gallivan obtained nonpublic information that each of the five banks was engaged in negotiations to be acquired.

To settle the SEC case, Gallivan paid $106,711, prejudgement interest, and a double penalty of of $213,422.  Gallivan also entered a guilty plea to four counts of securities fraud. (ph)

Civil Enforcement, Insider Trading, Securities | Permalink

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