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SEC Charges Former CFO of TEMPUR PEDIC INTERNATIONAL INC ($TPX) in Insider Trading Ring
The Securities and Exchange Commission today charged the former chief financial officer of a San Francisco private investment firm and six of his relatives and friends with insider trading, alleging that their scheme collectively reaped more than $8 million in illicit profits from unlawful trades in the securities of Tempur-pedic International, Inc. and Acxiom Corporation. The SEC alleges that Chen Tang of Fremont, Calif., learned non-public information as the CFO of a private equity fund and from illegal tips by his brother-in-law, who was the CFO of a venture capital fund. Tang and his trading partners, which included his brother and four friends, traded on the inside information through their personal brokerage and retirement accounts, the accounts of their spouses, children and relatives, and the accounts of several privately-offered investment funds that Tang and three of his friends managed. (sec.gov)
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2 total votes | Comments (0) | Created by steve on 2009-10-30 - Login to vote or comment!