Italian Trader Pays $3M To Settle Insider Trading Suit

Law360, New York (October 8, 2010, 3:46 PM EDT) -- An Italian citizen living in London has agreed to pay $3 million to settle insider trading allegations by the U.S. Securities and Exchange Commission, which claims that he used nonpublic information about impending deals involving DRS Technologies Inc. and American Power Conversion Corp. to make profitable trades of their stock.

The SEC announced Thursday that Gianluca Di Nardo and Corralero Holdings Inc., an investment vehicle he controls, had agreed to settle the charges. An amended complaint filed Wednesday in the U.S. District Court for the Southern...
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