S.C. Mayor Settles Insider Trading Suit With SEC

Law360, New York (July 17, 2008, 12:00 AM EDT) -- The mayor of Beaufort, S.C., has agreed to pay approximately $50,000 to settle claims by the U.S. Securities and Exchange Commission that he engaged in insider trading related to the purchase of stock in a California biotechnology company.

William J. Rauch, mayor of the town since 1999, agreed to settle the SEC’s charges without admitting or denying the allegations, the agency announced Wednesday. The agency claimed Rauch bought thousands of dollars in Advanced Cell Technology Inc. stock after being told in confidence the biotech company had...
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