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SEC v DAVID W. HALL, et al Click to find out why . . .



Keywords & Phrases
CaseNo: LR-16691, CourtCode: DIS, CourtName: DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA ALLEGING THAT, Defendant: David W. Hall, et al., Plaintiff: SEC, State: WA Washington, UniqueCaseRef: SEC>LR-16691, Hall, David Hall, William, Exchange Act, Pay, Complaint, Violating, Disgorgement, Securities, Norand, Profits, Admitting, Denying, Allegations, Permanently Enjoining, Prejudgment, Commission, Alan Salem, Neprud, Western Atlas, Alleges, Thereunder, Penalty, Civil, Father, Thomas Wagner, Purchased Norand, Stock, Brother, Total Profits , ContentID: 120241421

Case Documents
1 2000-09-07 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 104514
2 pages
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Total Documents: 1 document , 2 pages
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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
DAVID HALL
WILLIAM
EXCHANGE ACT
PAY
COMPLAINT
VIOLATING
DISGORGEMENT
SECURITIES
NORAND
PROFITS
ADMITTING
DENYING
ALLEGATIONS
PERMANENTLY ENJOINING
PREJUDGMENT
COMMISSION
ALAN SALEM
NEPRUD
WESTERN ATLAS
ALLEGES
THEREUNDER
PENALTY
CIVIL
FATHER
THOMAS WAGNER
PURCHASED NORAND
STOCK
BROTHER
TOTAL PROFITS
   SECURITIES AND EXCHANGE COMMISSION
   Washington, D.C.

   LITIGATION RELEASE NO. 16691 / September 7, 2000

   SECURITIES AND EXCHANGE COMMISSION v. DAVID W. HALL, et al, Civil
   Action No. 98-10325AAH (C.D. Cal.) (filed December 22, 1998)

   The Commission announced today that David W. Hall, William A. Hall,
   William Y. Hall and Alan Salem agreed to settle charges alleging
   insider trading in the securities of Norand Corporation. On December
   22, 1998, the Commission filed a complaint in the United States
   District Court for the Central District of California alleging that
   Robert Neprud, an assistant controller at Western Atlas, Inc.,
   misappropriated confidential client information by tipping David W.
   Hall about Western Atlas's upcoming tender offer for Norand prior to
   the official announcement on January 22, 1997. The complaint also
   alleged that David Hall knew that Neprud was an executive at Western
   Atlas, the acquiring company, and knew that Neprud's disclosure
   violated duties he owed to Norand. The complaint alleges that David
   Hall purchased Norand stock and made $48,000 in profits. The complaint
   further alleges that David Hall tipped his father, his brother, his
   cousin, Thomas Wagner, and Wagner's father-in-law, Alan Salem. On
   January 13 or 14, 1997, David Hall shared with both his father,
   William A. Hall, and his brother, William Y. Hall, neither of whom had
   ever bought stock before, the information he learned from Neprud.
   William A. Hall and William Y. Hall that the information he had
   acquired from David Hall was material and nonpublic, and that it had
   been conveyed to David Hall in breach of a duty of trust and
   confidence.

   According to the complaint, William A. Hall and William Y. Hall made
   total profits of $173,283 and $15,259, respectively, and Wagner made
   $7,937 in trading profits. The complaint also alleged that Alan Salem
   purchased Norand and Western Atlas securities, making $77,875 in
   profits, and caused four other individuals to trade, for total profits
   of approximately $249,000.

   David Hall consented, without admitting or denying the Commission's
   allegations, to a final judgment entered on February 1, 2000 (1)
   permanently enjoining him from violating Sections 10(b) and 14(e) of
   the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5
   and 14e-3 thereunder; and (2) ordering Hall to pay disgorgement and
   prejudgment interest of $60,000.

   Salem consented, without admitting or denying the Commission's
   allegations, to a final judgment entered on June 1, 2000 (1)
   permanently enjoining him from violating Sections 10(b) and 14(e) of
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION v. DAVID W. HALL, et al, Civil Action No. 98-10325AAH (C.D.
  • The Commission announced today that David W. Hall, William A. Hall, William Y. Hall and Alan
  • The complaint also alleged that David Hall knew that Neprud was an executive at Western
  • The complaint alleges that David Hall purchased Norand stock and made $48,000 in profits.
  • The complaint further alleges that David Hall tipped his father, his brother, his cousin,
  • The complaint also alleged that Alan Salem purchased Norand and Western Atlas securities,
  • David Hall consented, without admitting or denying the Commission's allegations, to a final
  • Salem consented, without admitting or denying the Commission's allegations, to a final
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