Wachovia Broker Fined Over Trades In Gas Merger

Law360, New York (November 27, 2007, 12:00 AM EST) -- A Wachovia securities broker who refused to settle a U.S. Securities and Exchange Commission insider trading suit has been ordered to pay $346,000, after a district court judge ruled that he had made trades based on confidential information.

In a ruling handed down on Monday, Judge Ruben Castillo of the U.S. District Court for the Northern District of Illinois ordered Wachovia trader Mark Michel to pay a $346,000 penalty for making insider trades in the days leading up to the acquisition of gas distributor Blue Rhino...
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