SEC v. Patrick M. Carroll, James P. Carroll, William T. Carroll, David Mark Calcutt, Christopher Calcutt, David Stitt, John Monroe and Stephen Somers, Case No. 3:11-cv-165-H. On February 5, 2013, the SEC announced that it settled insider trading charges in a case filed in March 2011. The SEC charged eight people for trading on the basis of inside information about the forthcoming acquisition of Steel Technologies, Inc. by Mitsui & Co. (USA). The SEC alleged that four executives traded illegally and that three of them tipped others who also traded in advance of the upcoming acquisition. The six settling defendants collectively earned $268,805 from their trades. Without admitting or denying the SEC’s allegations, each of the settling defendants consented to final judgments that have been entered by the court. The final judgments order: (i) Patrick M. Carroll to disgorge $34,279 plus pay prejudgment interest of $10,412 and a penalty of $34,279; (ii) James P. Carroll to disgorge $3,020 plus pay prejudgment interest of $917 and a penalty of $3,020; (iii) William T. Carroll to disgorge $54,163 plus pay prejudgment interest of $16,452 and a penalty of $54,163; (iv) David Mark Calcutt to disgorge $150,297 plus pay prejudgment interest of $45,652 and a penalty of $150,297; (v) Christopher T. Calcutt to disgorge $4,250 plus pay prejudgment interest of $1,291 and a penalty of $4,250; and (vi) David Stitt to disgorge $22,796 plus pay prejudgment interest of $6,924 and a penalty of $42,796. They are also permanently enjoined from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC’s charges against the other traders, John Monroe and Stephen Somers, remain pending.
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