NSD Bancorp Director Settles Insider Trading Case

Law360, New York (October 18, 2007, 12:00 AM EDT) -- A director of NSD Bancorp Inc. who shared confidential information about the company's ongoing merger negotiations and the investor who benefited from the tip have agreed to pay civil penalties and disgorge ill-gotten gains to settle insider trading allegations.

Investor Michael P. Pitterich will disgorge trading profits and prejudgment interest totaling $30,460, and NSB Bancorp Director Charles S. Lezner will pay a one-time civil penalty of $25,230 to bring an end to a U.S. Securities and Exchange Commission suit alleging they engaged in unlawful insider trading....
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