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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
ISAACSON SECURITIES EXCHANGE COMMISSION COMPLAINT DEFENDANTS HOME DEPOT ACT REALIZED GAINS TRADING UNITED STATES BHARAT KOTECHA ARNON CIVIL DISTRICT EMPLOYEES PERMANENTLY ENJOIN VIOLATIONS LOSSES DISAPPOINTING STOCK FATHER BROTHER FINANCIAL PERFORMANCE CLOSED POSITIONS EARNINGS TIME PERIOD CONFIDENTIAL INFORMATION AMOUNT TRADING PRIOR |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15765 / June 3, 1998
SECURITIES AND EXCHANGE COMMISSION V. BHARAT KOTECHA and ARNON
ISAACSON,
Civil Action No. 1: 98-CV-1576 (N.D.Ga.)
The Securities and Exchange Commission announced that a complaint
for
injunctive and other relief was filed by the Commission on June 3,
1998, in
the United States District Court for the Northern District of Georgia
against defendants Bharat Kotecha ( Kotecha ) and Arnon Isaacson
( Isaacson ), former employees of The Home Depot, Inc. ( Home Depot
), an
Atlanta-based chain of home improvement and building supply stores.
The
complaint seeks to permanently enjoin Kotecha from further violations
of
Section 17(a) of the Securities Act of 1933 and to permanently enjoin
both
Kotecha and Isaacson from further violations of Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The
Commission
also seeks disgorgement of all gains enjoyed and all losses improperly
avoided by Kotecha and Isaacson and by those persons to whom the
defendants
conveyed material nonpublic information acquired from Home Depot,
prejudgment interest thereon, and civil penalties pursuant to the
Insider
Trading Sanctions Act of 1984.
The Commission's complaint alleges that, during April and May of
1995,
while employed in Home Depot's accounting department, Kotecha and
Isaacson
learned that the company's financial performance during the first
quarter
of its 1995 fiscal year would be disappointing. Using the information
they
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