Two Brokers Accused|of Inside Trading

     MANHATTAN (CN) – The SEC on Wednesday accused two brokers of making $300,000 from inside trading on the $1.2 billion acquisition of SPSS Inc. by IBM in 2009.
     The SEC claims that former brokers Benjamin Durant III and Daryl M. Payton illegally traded on a tip about the acquisition from Thomas C. Conradt, a friend and fellow broker in the New York City office of a Connecticut-based broker-dealer.
     Conradt is not a party to this complaint.
     The SEC seeks disgorgement of $300,000 in ill-gotten gains, penalties and an injunction.
     Federal prosecutors in New York City on Wednesday announced parallel criminal charges against Durant and Payton, the SEC said.

%d bloggers like this: