Musicland Investor To Pay $21M For False Filing

Law360, New York (September 15, 2011, 6:14 PM EDT) -- A federal judge ruled Monday that convicted insider trader Alfred Teo and a related trust must pay $21.1 million to the U.S. Securities and Exchange Commission over allegations that he understated his ownership stake in Musicland Stores Corp. before its merger with Best Buy Co. Inc.

The ruling, filed in New Jersey federal court, comes on a post-trial motion for disgorgement the SEC filed following Teo and MAAA Trust's May 25 loss in a jury trial of false filing allegations. Teo served 11 months in federal...
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