SEC Hits Steel Tech Execs With Insider Trading Suit

Law360, New York (March 17, 2011, 7:22 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday in Kentucky accused four Steel Technologies Inc. executives and four other men of running an illegal insider trading scheme before the company announced it would be acquired by Mitsui & Co. Ltd.

In a complaint lodged in the U.S. District Court for the Western District of Kentucky, the SEC alleges that the eight defendants bought more than $575,000 in Steel Technologies stock based on inside information and made out with about $320,000 in illegal profits.

According to the...
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