I know it was posted in another thread, but come on, an ISLT member who signs the SOX reports getting busted for insider trading? http://www.sec.gov/litigation/litrel...08/lr20759.htm
Ex-CEO, friend settle insider-trading case Henry K. Lee, Chronicle Staff Writer Thursday, October 2, 2008 (10-01) 06:48 PDT SAN JOSE -- The former president and CEO of a Santa Clara technology company and his childhood friend have been charged with insider trading for allegedly netting more than $85,000 in illegal profits. Elias Antoun, 52, of San Jose, the former head of Genesis Microchip Inc., and his friend, Samir Abed, 54, of Thousand Oaks (Ventura County) were named in a complaint filed by the U.S. Securities and Exchange Commission. Both have agreed to settle the case without admitting wrongdoing, the SEC said. Antoun bought 12,250 shares of Genesis stock in the brokerage accounts of a relative and a friend in fall 2007 while the company was in the middle of confidential merger negotiations with STMicroelectronics of Geneva, one of the world's largest semiconductor companies, according to the complaint filed Tuesday in U.S. District Court in San Jose. Abed, who became friends with Antoun after the two attended boarding school together in the 1960s, bought 11,000 shares of Genesis stock and 100 call-option contracts after learning of the merger negotiations from Antoun, the SEC said. Antoun netted profits of $33,975 and Abed netted $51,206 when the merger was announced in December and Genesis' stock price skyrocketed 57 percent, the SEC said. Antoun has agreed to pay $37,299 and a financial penalty of $36,210 to settle the case. Abed has agreed to pay $53,362.62 and a penalty of $25,603. Both Antoun and Abed have also agreed to be enjoined from future violations of the securities laws. Abed cooperated with the investigation, the SEC said. Antoun has previously been involved in insider trading, the SEC said. In July 2006, Antoun bought 900 shares of Genesis stock in a friend's account in advance of a Genesis earnings announcement, the complaint said. He netted a profit of $2,235, authorities said. E-mail Henry K. Lee at hlee@sfchronicle.com. http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/02/BUI2139GRF.DTL This article appeared on page C - 3 of the San Francisco Chronicle
He did it because his own company stock didn't do jack diddly, what's the point of being in mgt if the shares are worthless. Enjoy bread and water for dinner, breakfast and midday meals.
