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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE COMMISSION ROGER BERNHAMMER CIVIL INSIDER TRADING STEEL TENDER SHARES COMPLAINT EMPLOYMENT TRANSFER AGENT BREACH DUTY TRUST SWVA COMMON STOCK OBTAINING ILLEGAL PROFITS ALLEGATIONS ENTRY JUDGEMENT PERMANENTLY ENJOINS FUTURE VIOLATIONS ANTIFRAUD PROVISION FEDERAL SECURITIES LAWS DISGORGE PLUS PREJUDGMENT PAY CIVIL PENALTY ASSISTANCE NASD REGULATION MATTER |
SECURITIES AND EXCHANGE COMMISION
LITIGATION RELEASE NO. 16637 / July 27, 2000
Securities and Exchange Commission v. Roger Bernhammer, (U.S.D.C.)
(D.N.J.) Civil Action No. 00-3338
SEC FILES AND SETTLES INSIDER TRADING CASE
The Securities and Exchange Commission announced that on July 10, 2000
it filed a civil injunctive action alleging illegal insider trading
before a November 10, 1998 announcement that Roanoke Electric Steel
Corp. would make a tender offer for the outstanding shares of Steel of
West Virginia, Inc. at a price of $10.75 per share. The Complaint
alleges that on November 4, 1998, defendant Roger Bernhammer, of
Hasbrouck Heights, New Jersey, learned of the then proposed tender
offer in the course of his employment at SWVA's transfer agent and
that in breach of a duty of trust and confidence owed to his employer,
he purchased 500 shares of SWVA common stock, thereby obtaining
illegal profits of $2,220. Bernhammer admitted the allegations of the
Complaint and consented to the entry of a final judgment which
permanently enjoins him from future violations of antifraud provision
of the federal securities laws, orders him to disgorge $2,220 plus
prejudgment interest and orders him to pay a civil penalty of $2,220.
The Commission acknowledges the assistance of NASD Regulation in this
matter.
_________________________________________________________________
Modified 08/02/2000
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