Inside-Trading Complaint for $950,000

MANHATTAN (CN) - A "director of market intelligence" at an investor relations firm made $950,000 from illegally trading on inside information about its clients, the SEC and federal prosecutors said Tuesday.
     The SEC sued Michael Anthony Dupre Lucarelli in Federal Court, for trades he made in the past year "in advance of over 20 corporate announcements by at least 13 clients of IR Firm A," which a parallel criminal indictment identifies as Lippert/Heilshorn & Associates, which is not a party to either lawsuit.
     The SEC said Lucarelli, 52, of New York City, violated his company's policies and breached his duty to his employer and its clients by trading on inside information he got from looking at drafts of press releases on company computers, before the public announcements.
     "Lucarelli attempted to hide his illicit behavior by lying to brokerage firms where he set up his trading accounts," the SEC said in a statement. "Lucarelli purposely omitted listing his investor relations firm employment on account-opening applications and instead falsely stated that he was self-employed or retired."
     The SEC seeks disgorgement, penalties and an injunction.