SEC Charges Five Individuals for Insider Trading Tip


by Reese Darragh on March 14, 2012

The Securities and Exchange Commission brought civil insider-trading charges against five individuals who allegedly made more than $1.8 million profits based on a tip obtained through an Alcoholics Anonymous meeting.

In the filing, the regulator charged Timothy McGee, a financial adviser at Ameriprise Financial Services for making illegal stock trading of Philadelphia Consolidated Holding Corp after he received insider information of a pending merger between the company and Japanese firm Tokio Marine Holdings.

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