Alleged Inside Trader Strikes Deal In $8M SEC Suit

Law360, New York (July 26, 2011, 6:10 PM EDT) -- A friend of a California investment firm executive accused of orchestrating an insider trading ring reached a settlement Tuesday with the U.S. Securities and Exchange Commission, in a suit alleging he and others profited $8 million off illegal trades in Tempur-Pedic International Inc. and Acxiom Corp. securities.

Joseph Seto, one of seven defendants in the suit, consented to a permanent injunction barring him from violating the securities laws and agreed to disgorge any ill-gotten gains the court found in order. The suit, filed in November 2009,...
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