Friday, July 11, 2014

SEC: Trader to settle insider-trading charges

September 05. 2013 2:36PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) U.S. regulators say a resident of Thailand has agreed to pay $5.2 million to settle civil charges of trading on inside knowledge of a proposed takeover bid for Smithfield Foods Inc. by a big Chinese company.

The Securities and Exchange Commission announced the settlement Thursday with Badin Rungruangnavarat, an employee of a Thai plastics company. The SEC accused him in June of making $3.2 million in illegal profits by using knowledge of the proposed Smithfield takeover before it was announced publicly on May 29.

The agency says the man bought options and futures contracts on Smithfield stock in the week preceding the announcement and reaped a profit when the stock price rose afterward.

Rungruangnavarat neither admitted nor denied the allegations. He is paying $3.2 million in restitution and a $2 million fine.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds