Man Spies GC Friend’s Merger Papers, Makes $250K Insider-Trading Profit, SEC Says
Financial Advisor reports that a Nevada man has settled charges with the SEC that he took inside information while a guest at the home of a longtime friend — Cintas Corp.’s general counsel — and used it to generate $250,000 in illegal profits.
The SEC’s complaint in the U.S. Southern District of Florida alleges that Brian Fettner, 51, of Henderson, Nev., “surreptiously viewed documents contemplating an acquisition of G&K Services Inc. by Cintas [Corp.]” while changing his golf shoes in the den of a longtime friend who was also the general counsel of Cintas.
Raymond Fazzi of Financial Advisor writes:
Without telling his friend, whom he attended middle school and high school with as a child, Fettner then started purchasing G&K Services stock that very same day on his mobile phone, as he played golf with his friend, the SEC said. He continued buying G&K stocks in the brokerage accounts of his ex-wife and a former girlfriend, and persuaded his father and another girlfriend to purchase G&K shares, the SEC said
Read the Financial Advisor article.
