Four found guilty of insider trading

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Four found guilty of insider trading

Roanna Avison


A US court has found four people guilty in connection with a civil insider-trading case related to IBM's takeover of Lotus Development in 1995, according to US reports.

The SEC claimed a secretary at IBM learned of its takeover plans from documents she copied in 1995 for her supervisor. She then passed the details on to her husband, the court was told.

James Ribellino Jr, Ralph Serpe and Gerald Wells bought Lotus stock options after receiving the tip, reaping a one-day profit of $82,875 (£59,196), the SEC said.

The court found the three men liable for insider trading, along with Claudio Spinelli, who earned $36,656 from Lotus options.


 

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