First Cash Chair Resigns Amid Insider Trading Probe

Law360, New York (October 22, 2010, 2:32 PM EDT) -- Pawn shop operator First Cash Financial Services Inc.'s chairman has resigned ahead of a potential civil enforcement action by the U.S. Securities and Exchange Commission alleging insider trading.

Phillip E. Powell, who had long chaired the company's board of directors, tendered his resignation Tuesday, a day after receiving a Wells notice from the SEC. The notice said the regulator had preliminarily decided to recommend the filing of an enforcement action against Powell.

The SEC's investigation covers Powell's March 2008 open market purchase of 100,000 shares of...
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