SEC Nabs $3M Judgment In Liberty Mutual Stock Tip Suit

Law360, New York (May 20, 2011, 3:01 PM EDT) -- The U.S. Securities and Exchange Commission won a judgment Thursday ordering a Massachusetts man and his uncle, an ex-Hartford Investment Management Co. analyst, to pay $2.5 million for trading on an insider tip about Liberty Mutual Insurance Co.'s acquisition of Safeco Corp.

U.S. District Judge Michael A. Ponsor ordered Carl E. Binette ex-Hartford financial analyst Peter E. Talbot to pay $615,000 in disgorgement, $76,235.28 in interest and a $1.845 million civil penalty.

Attorneys involved in the case didn't immediately respond to requests for comment Friday....
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