Friday, December 24, 2004

A Tranzrail Insider Trading development

The Securities Commission's case against David Richwhite and others for insider trading at Tranzrail scored its first win when one of the defendants, Michael Beard, cut a deal. He has to pay some of the money back, an additional fine and testify against his former conspirators. The upshot for him is that he doesn't have to make an admission of liability.