Ex-Carter’s executive to forfeit money in trading case
A former executive for children’s apparel maker Carter’s has agreed to forfeit more than $60,000 of improper proceeds and interest related to charges he made stock trades using insider information.
Richard T. Posey, a former Carter’s vice president, also agreed to be barred from serving as an officer or director of a publicly traded company, according to a news release this week from the Securities and Exchange Commission. A message left with Posey’s attorney was not immediately returned.
The SEC said Posey traded on inside company information from January 2006 to October 2009. Posey also is accused of tipping information to a fellow executive, who then informed others who traded on that information.
In June 2013, Posey pleaded guilty in a related criminal case to one count of conspiracy to commit securities fraud. The civil case against Posey is one of several civil or criminal securities cases involving former Carter’s executives.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
