August 10, 1989 |
The U.S. Securities and Exchange Commission on Wednesday accused an Orange County executive of insider trading, alleging that he used confidential information about a pending merger to make an overnight profit of $11,000 in the stock market for himself, his mother-in-law and a friend. Dennis W. Evans of Mission Viejo allegedly carried out a scheme to profit from inside information about a merger between Ultrasystems Inc. in Irvine and Hadson Corp. of Oklahoma City, Okla.
September 1, 1989 |
The Securities and Exchange Commission Thursday accused a former Ultrasystems executive of insider trading shortly before Hadson Corp. announced that it was buying the Irvine engineering concern in 1987. The executive, Gerald A. Horwitz, consented to give up $1,700 in profits and pay a fine of $1,400, the commission said. Without admitting guilt, Horwitz also agreed not to violate insider trading laws.
March 20, 1991 |
In an unusual use of insider trading laws, the Securities and Exchange Commission filed charges Tuesday against the founder and former chairman of Irvine-based Ultrasystems Inc., accusing him of illegally leaking bad news about the company's earnings to a select group of stock analysts in 1987. The retired executive, Phillip J. Stevens, 62, of Newport Beach, simultaneously agreed to settle the civil charges and pay $126,455 in penalties, without admitting or denying the allegations.
September 3, 1989 |
Hot on the trail of inside traders, Richard Chase and his aides unfolded a street map of Brooklyn, N.Y., and began sticking in pins. Chase, the head of the Philadelphia Stock Exchange's surveillance unit, was looking for a pattern. Each pin marked the home address of people who had bought Colt Industries stock options in a flurry of unusual trading just before Colt announced a plan to buy back much of its stock from the public.