Don't miss this: Last day to save up to 83% on a Hartford Courant digital subscription
Topics

Informatica Corporation

Two men accused of trading on inside information from their wives

Two men accused of trading on inside information from their wives

This is one marital benefit that could get you in trouble. The Securities and Exchange Commission said two men made illegal stock trades after overhearing their wives discuss inside information about their companies on the telephone. The cases were unrelated, but the circumstances were similar. The SEC said in a lawsuit that Tyrone Hawk of Los Gatos overheard his wife, a finance manager at Oracle Corp., discussing the company's planned acquisition of Acme Packet Inc. Using that information, Hawk purchased shares of Acme before the acquisition was announced in February 2013. Acme shares skyrocketed after the announcement, enabling Hawk to make about $150,000 of illegal profit,...

Loading
70°