SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 16095 \ March 25, 1999
SECURITIES AND EXCHANGE COMMISSION v. CRAIG RYAN SPRADLING, 98
Civ. 4117 (MBM) (S.D.N.Y.)
The Commission announced today that Craig Ryan Spradling
(Spradling), formerly an associate at a prominent law firm, has
agreed to settle charges that he engaged in insider trading. On
June 11, 1998, the Commission filed a Complaint alleging that
Spradling, while an associate at the New York office of Cleary,
Gottlieb, Steen & Hamilton ("Cleary") in October 1996, bought
options to purchase common stock of Loctite Corporation
("Loctite") when Spradling knew that Loctite was the target of a
tender offer being planned by a client of Cleary.
Without admitting or denying the allegations, Spradling has
consented to the entry of a final judgment: (1) permanently
enjoining Spradling from committing securities fraud and tender
offer fraud in violation of Sections 10(b) and 14(e) of the
Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3; and
(2) ordering Spradling to disgorge $49,312.50 in illegal trading
profits and $10,429.48 in prejudgment interest. Under the terms
of the final judgment, which has been submitted to the court for
approval, payment of $6,102.47 in prejudgment interest would be
waived and no civil penalty would be imposed based upon
Spradling’s demonstrated inability to pay.
Spradling earlier pleaded guilty to criminal charges arising from
the same conduct. On January 15, 1999, Spradling was sentenced
to a term of probation for three years, including six months of
home detention, and fined $3,000.
The Commission thanks Cleary and the Philadelphia Stock Exchange
for their cooperation in this matter.
For more information, see Litigation Release No. 15775, dated
June 11, 1998.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION v. CRAIG RYAN SPRADLING,
The Commission announced today that Craig Ryan Spradling, formerly an associate at a
On June 11, 1998, the Commission filed a Complaint alleging that Spradling, while an
Without admitting or denying the allegations, Spradling has consented to the entry of a final
Under the terms of the final judgment, which has been submitted to the court for approval,
Spradling earlier pleaded guilty to criminal charges arising from the same conduct.
On January 15, 1999, Spradling was sentenced to a term of probation for three years,
The Commission thanks Cleary and the Philadelphia Stock Exchange for their cooperation in
For more information, see Litigation Release No. 15775, dated June 11, 1998.
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