An Atlanta man has been accused of insider trading involving shares of a metro Atlanta financial technology company before it was acquired in 2011.
Charles L. Hill Jr., 54, allegedly acquired more than 100,000 shares of Radiant Systems stock after learning about a potential sale of the company to Duluth-based NCR, the Securities and Exchange Commission said Wednesday. The complaint is a civil proceeding.
Stephen Hudson, an attorney for Hill said in a statement his client “had valid and legitimate reasons for purchasing Radiant Systems’ stock over the course of six weeks, which did not include any material inside information. Mr. Hill did not engage in insider trading.”
“The witnesses involved in this matter, including the friend referred to by the SEC, all deny having passed inside information to Mr. Hill,” the statement said. “Mr. Hill looks forward to vindicating himself in these proceedings.”
Hill learned about the possible merger from a friend, who learned privileged information from close friend and Radiant insider. The friend and Radiant executive were not named, nor have they been accused of insider trading. The executive is now employed by NCR.
NCR approached Radiant about a possible combination in May 2011. Between June 2011 and July 2011, Hill purchased about $2.1 million in Radiant stock and realized profits of about $744,000 when he sold his shares after the NCR deal was announced, the complaint said.
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