Ex-Railway Exec Settles SEC's Insider Trading Case

Law360, New York (December 19, 2011, 7:05 PM EST) -- W. Gary Griffiths, a former Florida East Coast Industries Inc. employee accused of insider trading, has reached a tentative settlement to end the U.S. Securities and Exchange Commission's suit against him, the agency said Monday.

In a notice filed in Illinois federal court, the SEC said that its staff had negotiated a potential settlement with the defendant, but because the commission faces a backlog of cases to review, it might take more than six weeks to finalize the deal.

According to the SEC's Sept. 30 complaint,...
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Case Information

Case Title

Securities and Exchange Commission v Rex C. Steffes, et al


Case Number

1:10-cv-06266

Court

Illinois Northern

Nature of Suit

850(Securities/Commodities)

Judge

Honorable Thomas M. Durkin

Date Filed

September 30, 2010

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