P.M. BRIEFING : SEC Accuses 6 of Insider Trading
The Securities and Exchange Commission filed insider trading charges today against a 24-year-old former paralegal and five others who allegedly made more than $800,000 from her tip about a leveraged buyout of a department store chain.
The SEC alleged that the paralegal, Kerry A. Hurton, learned from confidential documents that Hooker Corp. Ltd. planned to announce a proposed buyout of Birmingham, Ala.-based Parisian Inc. in July, 1987.
Hurton worked in the Boston office of the major New York law firm Skadden, Arps, Slate, Meagher & Flom. She allegedly passed information to her boyfriend, Eric Laboz of New York City, and directly or indirectly to several other people who made a total of $823,825 in profits by trading in Parisian stock, the SEC said.
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