SEC Accuses 7 Of $8M Insider Trading Scheme

By Anne Urda

Law360, New York (November 02, 2009, 4:06 PM ET) -- The U.S. Securities and Exchange Commission has accused the chief financial officer of a San Francisco private investment firm of engineering an $8 million insider trading scheme in which he and six relatives and friends profited off illegal trades in Tempur-Pedic International Inc. and Acxiom Corp. securities.

The SEC filed suit Friday in the U.S. District Court for the Northern District of California, accusing Chen Tang, his brother, his brother-in-law and four others of illegally trading on nonpublic information.

"As the CFO of a private equity...
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