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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
GHANEM COMMISSION EXCHANGE ACT COMPLAINT INTERNATIONAL DISCOUNT BANK DISCOUNT BANK TRUST PROFITS SETTLEMENTS DISTRICT TRIANGLE TRADING DEFENDANTS TENDER REIPLINGER SECURITIES SAMIR TRABOULSI JUDGMENTS PERMANENT INJUNCTION FUTURE VIOLATIONS THEREUNDER DISGORGEMENT ILLEGAL PROFITS PREJUDGMENT SWISS THERET SWITZERLAND SHARES ACCOUNT |
U.S. Securities & Exchange Commission
Washington, D.C.
Litigation Release No. 16058 / February 11, 1999
SECURITIES AND EXCHANGE COMMISSION v. SAMIR TRABOULSI, ET. ALS.,
U.S.
District Court for the Southern District of New York (97 Civ.
5759)
(RPP)
SEC SETTLES WITH TWO FOR $4.2 MILLION IN TRIANGLE INDUSTRIES INSIDER
TRADING CASE; TOTAL RECOVERIES NOW $ 5.7 MILLION
The United States District Court for the Southern District of
New
York Monday entered final judgments of permanent injunction and
other
relief against Socofinance, S.A. and Charbel Ghanem. Both
defendants
had previously been charged along with six other foreign nationals
and
another foreign entity with insider trading before the 1988 tender
offer
for Triangle Industries, Inc. by Pechiney Corporation. The judgments,
to
which Socofinance and Ghanem consented without admitting or denying
the
allegations in the Commission’s Complaint, provide for
permanent
injunctions against future violations of Sections 10(b) and 14(e) of
the
Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5
and
14e-3 thereunder, disgorgement of the approximately $3.6 million
in
illegal profits that have been frozen in Switzerland and
prejudgment
interest totaling $720,000.
The Commission’s Complaint alleged that Ghanem was tipped about
the
tender offer by his friend, Samir Traboulsi, who served as an advisor
to
Triangle during the tender offer negotiations. The Complaint
also
alleged that Ghanem, a Swiss national born in Lebanon, who was a
founder
and director of a Swiss currency brokerage firm, Socofinance,
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