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Sarbanes-Oxley News & Developments
Enforcement ProceedingsRichard Wilson settles insider trading charges.
> > The Commission filed a complaint in the US District Court for the Northern District of TX alledging illegal trading by Richard Wilson of Grapevine,TX. The complaint alledges that on Feb.12,2001 and March 6,2001, Wilson violated Section 10(b)of the SEC Act and Rule 10b-5 thereunder, when he bought 1,500 shares of common stock in H.D.Vest, Inc. while in possession of material, nonpublic information concerning an upcoming merger between H.D.Vest and Wells Fargo & Co. Wilson obtained this information while reading a confidential document that he found in the home of his daughter and son-in-law. Wilson, without admitting or denying the allegations, has consented to the relief sought in the complaint by the Commission. In his consent, Wilson agreed to disgorge $21,132.50 in illegal profits plus $3,148.92 in prejudgement interest, and to pay a civil penalty of $26,415.63, an amount equal to 1.25 his illegal profits.The Commission intends to have these funds paid into a court account pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002 for ultimate distribution to victims of the fruad. In addition, the judgement permanently enjoins Wilson from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
Source: Hoovers
Published:2003-12-10
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