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Tuesday, January 14, 2014

Ex-Dow Chemical exec, Raymond James settle SEC insider case, (NYSE: RJF)

A former Dow Chemical Co executive agreed to pay a $367,250 fine and be banned from serving as an officer or director of a public company to settle civil charges of insider trading over the 2008 takeover of Rohm and Haas Co. Raymond James Financial Inc and one of its former brokers also agreed to settle related charges by the U.S. Securities and Exchange Commission. The regulator announced the settlements on Tuesday.Mack Murrell, formerly Dow's vice president of information systems, had been accused of tipping his friend David Teekell about the planned $15.7 billion purchase of Rohm, a specialty chemicals company, before it was announced on July 10, 2008.Murrell, of Saginaw, Michigan, learned about the transaction from his live-in girlfriend, who he later married, and who had been an assistant to Dow's chief financial officer, according to the SEC.The regulator said Teekell and Charles Adams, his broker at Raymond James, then traded on the tips from Murrell, and that some profits went to Adams' customers. More than $1 million of illegal profit was realized, the SEC said.

Raymond James Financial, Inc. (RJF) is a financial services holding company. Shares of RJF traded higher by 0.93% or $0.49/share to $53.07. In the past year, the shares have traded as low as $39.31 and as high as $53.83. On average, 661097 shares of RJF exchange hands on a given day and today's volume is recorded at 345568.