Five Settle SEC Musicland Insider Trading Charges

Law360, New York (June 21, 2007, 12:00 AM EDT) -- Final judgments have been entered against five defendants implicated in an alleged insider trading scheme involving Musicland Stores Corp.’s acquisition by Best Buy Co Inc. in 2000, the U.S. Securities and Exchange Commission said Wednesday.

The final judgments, including various disgorgements and civil penalties for each defendant, were entered in the U.S. District Court for the District of New Jersey on Tuesday and last week. All five defendants were implicated as part of an insider trading ring centered around Musicland’s largest shareholder at the time, Alfred...
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