Ameriprise Advisers Made $2M Off Illegal Trades, SEC Says

Law360, New York (March 13, 2012, 10:31 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday sued two Ameriprise Financial Services Inc. advisers for allegedly netting $1.8 million by using confidential tips to make trades in the stock of a Pennsylvania insurance holding company.

In its suit filed in Pennsylvania federal court, the SEC claims Timothy McGee and Michael Zirinsky traded in the stock of Philadelphia Consolidated Holding Corp. using confidential information that they passed along to their friends and family about the company's planned merger with Tokio Marine Holdings Inc. in 2008....
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