Last year the U.S. Securities and Exchange Commission accused twelve directors, executives and employees of the Texas Gulf Sulphur Co. of using "insiders' " information to their own profit. According to the SEC, the twelve knew about the company's rich new mineral strike near Timmins, Ont., and started buying up stocks before a public announcement was made. Going to court, the SEC demanded among other things that the twelve be required to divest themselves of the Texas Gulf stock, plus any profits that they had picked up as insiders.
Last week New York Federal District Judge Dudley B. Bonsai dismissed the charges...
To continue reading:
or
Log-In
