False Filings By Musicland Investor Gets $49.5M Fine

Law360, New York (December 22, 2011, 9:09 PM EST) -- A New Jersey judge on Tuesday ordered a plastics industry executive, who previously pled guilty to insider trading charges, and a trust he controlled to pay $49.5 million over U.S. Securities and Exchange Commission allegations that he understated his ownership stake in Musicland Stores Corp. before its merger with Best Buy Co. Inc.

In a final judgment against Alfred S. Teo Sr. and MAAA Trust, U.S. Judge Susan D. Wigenton ordered the defendants to pay $17.4 million in disgorgement, along with more than $14.6 million in...
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