A 40-year-old Atlanta man has settled civil insider trading charges related to improper stock purchases from 2007, the Securities and Exchange Commission said Thursday.
Gregory A. Seib will pay more than $156,000 in returned gains, penalties and interest related to stock and call option purchases he allegedly made using inside information about a British company’s planned merger.
Seib, who neither admitted nor denied the charges, bought shares in Cambridge Display Technology using confidential information he gained from access to the email account of his employer, a Cambridge board member, according to the SEC.
The complaint said Seib made trades on four separate occasions lining up with significant events in merger talks between Cambridge and Sumitomo Chemical Co.
The purchases, using information from confidential emails, resulted in a profit of more than $71,000 when he sold the shares, the SEC said. Cambridge was acquired by Tokyo-based Sumitomo in September 2007.
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