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Thursday, January 13, 2011

Connecticut ex-CEO faces insider trading charge

Federal prosecutors charged a Connecticut man over his alleged participation in an insider trading scheme tied to last year's takeover of Home Diagnostics Inc, a maker of diabetes testing products, by Japan's Nipro Corp (8086.T). George Holley, who was Home Diagnostics' chief executive, and Phairot Iamnaita, a resident of Thailand and business partner of Holley's, were each charged with one count of conspiracy to commit insider trading, U.S. Attorney Paul Fishman in New Jersey said on Thursday. If convicted, each defendant could face up to five years in prison plus a fine. The U.S. Securities and Exchange Commission filed a related civil case against Holley, Iamnaita and Steven Dudas, who the regulator said is Holley's accountant.

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