SEC Settles for $30,000|From Business Exec

WASHINGTON (CN) – Former corporate executive Mark Begelman will pay $30,000 to settle inside-trading charges, the SEC said Monday.
     Begelman learned the inside information while he was a member of the World Presidents’ Organization, which is not a party to the case, the SEC said.
     Begelman is a former president and chief operating officer of Office Depot, and was an officer of BankAtlantic Bancorp and vice chairman of the board at Canyon Creek Food Co., the SEC said. None of those companies are parties to the case.
     Begelman got the inside information from another member of the World Presidents’ Organization, traded ahead on it made $15,000 illegally from it, the SEC said.
     Begelman, 65, of Delray Beach, Fla., traded ahead on information that Bluegreen Corp. was about to be purchased by BFC Financial, the SEC said. Those corporations are not parties to the case. He was a member of a “tight knit” group in the WPO called Forum 91, who are not parties to the case either.
     Begelman agreed to settle for $30,000, the SEC said. But he didn’t have to admit he did it.

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