CytoCore Exec Settles Insider Trading Allegations

Law360, New York (January 14, 2011, 2:43 PM EST) -- The head of CytoCore Inc. has agreed to pay a $100,000 civil penalty to settle insider trading allegations that he collaborated with the clinical diagnostics company's former chairman to reap hundreds of thousands of dollars in profits and other improper benefits.

In a complaint filed Thursday in the U.S. District Court for the Northern District of Illinois, the U.S. Securities and Exchange Commission accused CytoCore's CEO and chief financial officer, Robert F. McCullough Jr., of underreporting his accumulation of CytoCore shares from August 2006 through February...
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