Man Settles SEC Suit Over Analyst Uncle's Stock Tip

Law360, New York (July 6, 2010, 6:58 PM EDT) -- A Massachusetts man has agreed to settle U.S. Securities and Exchange Commission claims that he traded on a tip about Liberty Mutual Insurance Co.'s impending acquisition of Safeco Corp. that his uncle, a former analyst at Hartford Investment Management Co., gave him.

Carl E. Binette reached a consent judgment with the SEC that will resolve all liability issues in the case, the commission said in a motion filed Tuesday in the U.S. District Court for the District of Massachusetts.

Binette, a 28-year-old resident of Ludlow, Mass.,...
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