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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION SECURITIES MARK MUENSTER EXCHANGE COMMISSION ERIC MUENSTER VIOLATING ENTRY DISGORGE LITIGATION FALBO CIVIL DEFENDANTS TENDER PILLSBURY ADMITTING DENYING ALLEGATIONS JUDGEMENT PERMANENTLY ENJOINS PROVISIONS PROFITS PLUS PREJUDGMENT AMOUNT BROKER DEALER INVESTMENT INVESTMENT ADVISER MUNICIPAL SECURITIES DEALER COURT INJUNCTION |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15773 / June 9, 1998
SECURITIES AND EXCHANGE COMMISSION v. ROBERT FALBO, THERESA BILLINGS
FALBO,
LORRE MEADE, ANTHONY CAPRICUSO, MICHAEL NARDINO, MARK MUENSTER AND
ERIC
MUENSTER, Civil Action No. 92-CIV-6836-PKL (S.D.N.Y.)
The Securities and Exchange Commission announced that it recently
entered into settlements with Eric Muenster and Mark Muenster, two of
the
defendants in its insider trading case arising from the 1988 tender
offer
by Grand Metropolitan PLC for The Pillsbury Company. The Commission s
complaint, filed on September 16, 1992, alleged that both Muenster
brothers
violated Sections 10(b) and 14(e) of the Securities Exchange Act of
1934,
and Rules 10b-5 and 14e-3 promulgated thereunder, by purchasing
Pillsbury
call options before the tender offer was publicly announced and while
possessing material nonpublic information about it. Without admitting
or
denying the Commission s allegations, Eric Muenster consented to entry
of a
final judgment that permanently enjoins him from violating these
provisions
of the federal securities laws and orders him to disgorge $42,678.02
in
profits plus prejudgment interest in the amount of $53,889.14. Also
without admitting or denying the Commission s allegations, Mark
Muenster
consented to entry of a final judgment that permanently enjoins him
from
violating the same provisions and orders him to disgorge $43,389.39 in
profits plus prejudment interest in the amount of $54,279.03. Based
on
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