from the EMC board:
Two Settle With SEC In EMC, Ancor Insider-Trading Case
WASHINGTON -(Dow Jones)- Two men agreed Thursday to pay a total of about $66, 000 to settle Securities and Exchange Commission allegations that they engaged in insider trading ahead of an EMC Corp. (NYSE:EMC - News) deal with Ancor Communications.
Without admitting or denying the allegations, John Gomersall, an EMC engineer, agreed to pay a total of $42,600, while Barry McGriff, a former Ancor regional sales manager, agreed to pay a total of $23,500.
According to the SEC, the two men learned of a deal struck between EMC and Ancor in April 2000 in which Ancor would provide original equipment to EMC.
Gomersall, 40, of Acton, Mass., allegedly was told by his coworkers about the deal and then purchased 2,000 Ancor shares before the deal was publicly announced.
The announcement caused Ancor's shares to jump 66% on April 25, the SEC said. Ancor was acquired later in 2000 by QLogic Corp. (NasdaqNM:QLGC - News) of Aliso Viejo, Calif.
Gomersall then allegedly sold his shares and reaped about $19,600 in profits.
McGriff, 54, of Bedford, N.H., actually helped negotiate the deal, the SEC said, and then bought and sold 1,000 Ancor shares for a profit of about $10,800.
Attempts to reach Gomersall at his home and McGriff at work weren't immediately successful.
-By Phil McCarty, Dow Jones Newswires; 202-862-9251; Phil.McCarty@dowjones.com |
