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SEC v BRENT GALE, LUCY GALE, HAL SKINNER, et al Click to find out why . . .



Keywords & Phrases
CaseNo: LR-15769, CourtName: THE COMPLAINT, FILED IN THE UNITED STATES DISTRICT COURT FOR THE, Defendant: Brent Gale, Lucy Gale, Hal Skinner, and Margarita Skinner, Plaintiff: SEC, State: WY Wyoming, UniqueCaseRef: SEC>LR-15769, Gale, Echostar, Margarita Skinner, Brent Gale, Lucy Gale, Complaint, Securities, Exchange Commission, Alleges, Alliance, Pay, Civil Monetary Penalty, United States, Wyoming, District, Purchase, Shares, Echostar Stock, Profits, Disgorge, Admitting, Denying, Substantive Allegations, Entry, Order Enjoining, Future Violations, Securities Exchange Act, Thereunder, Plus Prejudgment, Imposition , ContentID: 120242301

Case Documents
1 1998-06-05 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 105394
2 pages
TXT
Total Documents: 1 document , 2 pages
Price: $ 19.95


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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
ECHOSTAR
MARGARITA SKINNER
BRENT GALE
LUCY GALE
COMPLAINT
SECURITIES
EXCHANGE COMMISSION
ALLEGES
ALLIANCE
PAY
CIVIL MONETARY PENALTY
UNITED STATES
WYOMING
DISTRICT
PURCHASE
SHARES
ECHOSTAR STOCK
PROFITS
DISGORGE
ADMITTING
DENYING
SUBSTANTIVE ALLEGATIONS
ENTRY
ORDER ENJOINING
FUTURE VIOLATIONS
SECURITIES EXCHANGE ACT
THEREUNDER
PLUS PREJUDGMENT
IMPOSITION






          UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15769 \ June 5, 1998

     Securities and Exchange Commission v. Brent Gale, Lucy Gale, Hal
Skinner,
     and Margarita Skinner, 98 CV 137 (D. Wy.)

     The Commission today filed an insider trading action against Brent
Gale, a
     resident of Cheyenne, Wyoming and a vice president of an EchoStar
     Communications Corp. (EchoStar) subsidiary, EchoStar Satellite
Corporation.
     The complaint, filed in the United States District Court for the
District
     of Wyoming, alleges that on February 21 and February 24, 1997, Gale
     purchased a total of 1250 shares of EchoStar stock at an average price
of
     $15.77 after learning of a confidential alliance between News
Corporation
     and EchoStar by virtue of his position.  The complaint alleges that
after
     the public announcement of the alliance, Gale sold the 1250 shares for
     $22.00 per share for illegal profits of $7,782.50.  The complaint also
     alleges that Gale informed his wife, Lucy Gale, of the alliance and
that
     she in turn tipped her sister and brother-in-law, Margarita and Hal
     Skinner, who borrowed funds to purchase EchoStar stock and realized
     unlawful profits of $5,550.00.

     Brent and Lucy Gale and Hal and Margarita Skinner have agreed to
consent, without admitting or denying the substantive
         allegations in the complaint, to the entry of an order enjoining
each of them from future violations of Section 10(b) of the
         Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  Brent
Gale agreed to disgorge $7,782.50, plus prejudgment
         interest, and to pay a civil monetary penalty of $7,782.50.  Lucy
Gale agreed to pay a civil monetary penalty of $5,550.00.
         With respect to Hal and Margarita Skinner, disgorgement was waived
and imposition of civil penalties was not sought in light
         of their inability to pay.

SNIPPETS:
  • Securities and Exchange Commission v. Brent Gale, Lucy Gale, Hal Skinner, and Margarita
  • The Commission today filed an insider trading action against Brent Gale, a resident of
  • The complaint, filed in the United States District Court for the District of Wyoming, alleges
  • The complaint alleges that after the public announcement of the alliance, Gale sold the 1250
  • The complaint also alleges that Gale informed his wife, Lucy Gale, of the alliance and that
  • Brent and Lucy Gale and Hal and Margarita Skinner have agreed to consent, without admitting
  • Brent Gale agreed to disgorge $7,782.50, plus prejudgment interest, and to pay a civil
  • Lucy Gale agreed to pay a civil monetary penalty of $5,550.00.
  • With respect to Hal and Margarita Skinner, disgorgement was waived and imposition of civil
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