SEC Sues Grupo Mexicano de Desarrollo Chief

U.S. regulators sued the chairman of Mexican construction company Grupo Mexicano de Desarrollo and 15 others for “massive and highly profitable” insider trading in a U.S. company’s stock that resulted in more than $3.7 million in earnings. The U.S. Securities and Exchange Commission, in a civil suit filed in New York, said Jorge Eduardo Ballesteros Franco, his late brother and others illegally traded in the stock of Naperville, Ill.-based Nalco Chemical Co. before the June 28, 1999, public announcement that Nalco would be acquired by French utilities and media company Suez-Lyonnaise des Eaux.