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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE COMMISSION MERGER DISTRICT SECURITIES LITIGATION UNITED STATES DISTRICT STATES DISTRICT COURT COLUMBIA CIVIL TEXAS UTILITIES ENSERCH SHARES PROFITS EXCHANGE ACT PAY ALLEGATIONS COMPLAINT ENTRY INJUNCTION PROHIBITING FUTURE PROHIBITING FUTURE VIOLATIONS THEREUNDER JUDGEMENT DISGORGE PROFITS PAY PREJUDGMENT CIVIL PENALTY PURSUANT ASSISTANCE YORK STOCK EXCHANGE MATTER |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16971 /April 19, 2001
SECURITIES AND EXCHANGE COMMISSION v. J. VAN OLIVER, United States
District Court for the District of Columbia, Civil Action No.1
01CV00859
The Commission today filed a settled insider trading action in the
United States District Court for the District of Columbia against J.
Van Oliver. The Commission alleged that Oliver learned of the merger
between Texas Utilities and Enserch Corp., prior to the April 15, 1996
announcement of the merger, from his brother, an attorney at the law
firm that represented Texas Utilities in the merger negotiations. J.
Van Oliver purchased 3,050 shares of Enserch after receiving this
information about the merger, and profited from the increase in the
price of these shares after the announcement of the merger.
J. Van Oliver consented, without admitting or denying the allegations
of the Complaint, to the entry of an injunction prohibiting future
violations of Section 10(b) of the Securities Exchange Act of 1934 and
Rule 10b-5 thereunder. The judgment also requires Oliver to disgorge
profits of $11,369.17, pay prejudgment interest of $5,451.76, and pay
a civil penalty pursuant to Section 21A of the Exchange Act of
$11,369.17. See also Litigation Release No. 16949.
The Commission acknowledges the assistance of the New York Stock
Exchange in this matter.
_________________________________________________________________
Modified 04/20/2001
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