SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15429 / August 4, 1997
SECURITIES AND EXCHANGE COMMISSION v. SAMIR TRABOULSI, ET AL., 97 Civ.
5759
(RLP) (S.D.N.Y.)
The Securities and Exchange Commission ("Commission") filed today
an
insider trading complaint against seven foreign nationals and two
foreign
entities. The complaint charges Samir Traboulsi, Charbel Ghanem,
Socofinance SA, International Discount Bank & Trust (West Indies)
Ltd,
Alain Boublil, Max Theret, Robert Reiplinger, Patrick Gruman and Jean
Pierre Emden with tipping and/or insider trading in the securities of
Triangle Industries, Inc. shortly before a November 21, 1988 tender
offer
by Pechiney Corporation, an entity owned by the French state. The
complaint seeks disgorgement of approximately $6.5 million in illegal
trading profits plus prejudgment interest and permanent injunctions
against
future violations of Sections 10(b) and 14(e) of the Securities
Exchange
Act of 1934 and Rules 10b-5 and 14e-3 thereunder. The Commission
also
announced settlements pursuant to which approximately $1.35 million
of
illegal profits and interest will be disgorged.
The Complaint alleges the following facts concerning insider
trading
and tipping by the defendants:
* Traboulsi, a Lebanese national who resided in Paris, France
and
served as an advisor to Triangle during the tender offer
negotiations,
tipped his friends Ghanem and Boublil about the tender offer.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION v. SAMIR TRABOULSI, ET AL., 97 Civ.
The Securities and Exchange Commission filed today an insider trading complaint against seven
Ltd, Alain Boublil, Max Theret, Robert Reiplinger, Patrick Gruman and Jean
Pierre Emden with tipping and/or insider trading in the securities of Triangle Industries,
The complaint seeks disgorgement of approximately $6.5 million in illegal trading profits
* Traboulsi, a Lebanese national who resided in Paris, France and served as an advisor to
* Ghanem, a Swiss national born in Lebanon, who was a founder and director of Socofinance, a
* Boublil, a French national who was then the Chief of Staff to the French Minister of
He disclosed material nonpublic information concerning the impending tender offer to the late
* Pelat, a French financier, purchased a total of 30,000 shares of Triangle stock, which he
Pelat also tipped Theret and Reiplinger.
However, Pelat placed most of his trades through an institution in Switzerland, and those
million) of Triangle stock for CPP.
each of the individual defendants was convicted of criminal offenses in France arising out of
The Complaint alleges that because the issues of fact in the French criminal proceedings are
The Complaint seeks permanent injunctions against all of the defendants for violations of
|
