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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DEFENDANT COMPLAINT SECURITIES LICHT MEDCO EXCHANGE COMMISSION ROGER TRADING KORDA COMPLAINT ALLEGES FRIENDS CHARGES INSIDER TRADING ALLEGATIONS TOTALING PROFITS LCI FAMILY MEMBERS OBTAINED ILLEGAL PROFITS PHONY DETECTIVE WORK DETECTIVE WORK DEFENSE MISLEAD BEGUN FILING BROTHER ANDREW MARK SANDELSON WILLIAM BARISOFF CONTEST |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15781 / June 15, 1998
SECURITIES AND EXCHANGE COMMISSION v. ROGER H. LICHT et al., Civ.
Action
No. 98-1724-KMW (AIJx) (C.D. Cal.)
The Securities and Exchange Commission ( Commission ) announced
today
that a fifth defendant has settled charges of insider trading in the
above-
captioned case. Without admitting or denying the allegations of the
Commission s Complaint, defendant Robert P. Korda has consented to the
entry of a permanent injunction against him prohibiting future
violations
of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder, and agreed to make payments totaling $97,876, consisting
of
disgorgement of his trading profits in Medco Containment Services,
Inc.
( Medco ) and Synetic, Inc. ( Synetic ), prejudgment interest thereon,
and
a civil penalty. The Complaint alleges that Korda was a friend and
former
client of defendant Roger H. Licht, and that Licht, while a Medco and
Synetic director, tipped material, non-public information to Korda
regarding Medco and Synetic.
The Complaint charges Roger H. Licht, along with a second
defendant
who was a former president of Leisure Concepts, Inc. ( LCI ), and a
related
group of friends, family members and associates, with a pattern of
insider
trading in the securities of LCI, Medco and Synetic. The Complaint
alleges
that the group of friends, family members and associates obtained
illegal
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