Adviser Wants Out Of Steel Tech Insider Trading Suit

Law360, New York (May 17, 2011, 6:50 PM EDT) -- A commodity trading adviser asked a Kentucky federal court Tuesday to drop him from an insider trading case against Steel Technologies Inc. executives, saying he merely bought stock on a rumor and that regulators were overreaching in their crackdown.

The U.S. Securities and Exchange Commission hit four Steel Technologies executives and four others, including Stephen Somers, with a civil suit in March, accusing them of raking in about $320,000 in illegal profits altogether in an insider trading scheme related to the company's February 2007 announcement that...
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