Insider Trading Indictment: Two charged with insider...
From Times Staff and Wire Reports
Insider Trading Indictment: Two charged with insider trading in Resorts International: Peter Aiello and Christine Arenella of Equities International Securities Inc., were indicted by a Manhattan grand jury for purchasing 7,5000 shares of Resorts International stock shortlybefore Merv Griffin Co. announced its takeover bid for Resorts. The indictment said the pairacted on “non-public confidential information” passed to them by an unidentified individual close to Griffin’s company. The pair, who couldn’t be reached for comment, allegedly paid less than $233 a share for stock, which jumped in value in March, 1988, after Griffin Co. offered $35 a share for Resorts.
