WASHINGTON (CN) - The Securities and Exchange Commission filed an emergency action to freeze the assets of one or more unknown buyers of the call options for stock in DRS Technologies and American Power Conversion Corp., claiming they raked in more than $3 million through illegal insider trading.
In a related action, the SEC charged Rome, Italy resident Cristian De Colli with insider trading and moved to freeze more than $2.1 million in allegedly illicit profits made through trading on insider knowledge that DRS and Finmeccanica were negotiating a merger.
On May 15, Finmeccanica announced its decision to acquire DRS for $5.2 billion, or $81 a share.
The SEC stated that it would continue to pursue others who bought call options for DRS stock.
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