Insider trading charged from ties to AA members
3/14/2012WASHINGTON -- The Securities and Exchange Commission said it is charging two financial advisers and three others connected to them with insider trading for more than $1.8 million in illegal profit gained from information gleaned through an Alcoholics Anonymous relationship.
It says Timothy McGee and Michael Zirinsky, representatives at Ameriprise Financial Services, traded in stock of insurance company Philadelphia Consolidated Holding Corp. before it was publicly known it was being acquired by Japanese firm Tokio Marine Holdings in July, 2008.
Mr. McGee obtained the information after an executive at the Philadelphia insurer, with whom he had a relationship with through Alcoholics Anonymous, complained about pressure he was facing because of the impending acquisition.