Ameriprise Adviser Made Insider Trades, Lied To SEC, US Says

Law360, Philadelphia (November 13, 2012, 6:15 PM EST) -- Prosecutors told a Pennsylvania federal jury Tuesday that Ameriprise Financial Services Inc. adviser Timothy McGee relied on insider information when purchasing stock of a soon-to-be-acquired Pennsylvania insurance company in 2008 and that he subsequently lied to the U.S. Securities and Exchange Commission.

U.S. Attorney Frank Costello alleges that McGee received advance notice of the deal involving Philadelphia Consolidated Holding Corp. from a senior executive at the company and then dramatically increased his position in the business before the announcement of a merger with Tokio Marine Holdings...
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