Dinner Conversation With Wife Spawned Insider Trading, SEC Says

Law360, New York (October 17, 2005, 12:00 AM EDT) -- A Texas man used information he obtained from his wife over dinner to engage in illegal insider trading, according to the Securities and Exchange Commission, which reached a settlement with the man one day after filing its lawsuit against him.

The settlement was gleaned after accusing Robert B. Petrosky of benefiting from non-public information about an imminent purchase by oil refiner Valero Energy Corporation of Premcor Inc. Petrosky’s wife is an employee of Valero and was not aware of her husband’s actions, according the SEC’s complaint....
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