SEC Alleges $1.7M Trading Scam In Global-Technip Deal

Law360, New York (September 19, 2011, 6:05 PM EDT) -- The U.S. Securities and Exchange Commission on Friday sued a group of unnamed investors in New York, claiming they made $1.7 million trading on nonpublic information about oil field service provider Technip SA’s acquisition of Global Industries Ltd.

According to the SEC's complaint, the defendants purchased 685,840 shares of Global stock through an Austrian omnibus account days before Paris-based Technip announced it was buying all of Global's common stock. Technip made the purchase at $8 a share, a 55 percent premium over Global's closing share price...
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