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Securities Regulation, Keyed to Choi
Securities and Exchange Commission v. Sargent
Citation:
329 F.3d 34 (2003)Facts
In 1994, Dennis Shepard was a consultant whose business partner J. Anthony Aldrich served on the board of directors of Purolator Products, a publicly traded automotive parts manufacturer. Aldrich learned that Mark IV Industries was negotiating to acquire Purolator and shared this confidential information with Shepard in July 1994. Shepard agreed to maintain confidentiality. On September 10, 1994, Shepard told his friend and dentist Michael Sargent about a company likely to be acquired but stated he could not personally buy stock because he was too close to the situation. Sargent subsequently purchased 20,400 shares of Purolator and informed his friend Scharn, who purchased 5,000 shares. When the tender offer was announced, Sargent sold his shares for a profit of $141,768 and Scharn profited $33,100. The jury found Shepard and Sargent liable for violating Section 14(e) and Rule 14e-3, and the district court ordered joint and several disgorgement but denied the SEC’s requests for injunctive relief, prejudgment interest, and civil penalties.
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