A former Bank of America investment banker has been accused by the SEC of tipping a longtime friend about a confidential $8.1 billion South Jersey Industries takeover. The friend allegedly bought $53 million worth of shares and made $18.5 million after the deal was announced. Both men deny the insider-trading allegations and face legal action.
A former Bank of America investment banker has been accused by the SEC of tipping a longtime friend about a confidential $8.1 billion South Jersey Industries takeover. The friend allegedly bought $53 million worth of shares and made $18.5 million after the deal was announced. Both men deny the insider-trading allegations and face legal action.
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