Adviser Wants Out Of Steel Tech Insider Trading Suit

Law360, New York (May 17, 2011, 6:50 PM EDT) -- A commodity trading adviser asked a Kentucky federal court Tuesday to drop him from an insider trading case against Steel Technologies Inc. executives, saying he merely bought stock on a rumor and that regulators were overreaching in their crackdown.

The U.S. Securities and Exchange Commission hit four Steel Technologies executives and four others, including Stephen Somers, with a civil suit in March, accusing them of raking in about $320,000 in illegal profits altogether in an insider trading scheme related to the company's February 2007 announcement that...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commission v. Somers et al


Case Number

3:11-cv-00165

Court

Kentucky Western

Nature of Suit

Securities/Commodities

Judge

John G. Heyburn, II

Date Filed

March 17, 2011

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.