SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
LITIGATION RELEASE NO. 15413 / July 16, 1997
SECURITIES AND EXCHANGE COMMISSION V. ROBERT HUNTER, EDWARD R. DUDLIK,
JR.,
THOMAS F. GOLDMAN, W. KENNETH GREENWOOD, JOSEPH MCKEON, KATHY
NAUMANN,
BENJAMIN PAUL, THOMAS B. PILEGGI, JOHN ROSE, JOHN ROSE, JR., RAYMOND
F.
WHITE, AND H. CONSTANCE NEFF AS RELIEF DEFENDANT, CIVIL ACTION NO. 97
CV
4621 (Waldman, J) (E.D. Pa.)
The Securities and Exchange Commission today announced the filing
of a
complaint in the United States District Court for the Eastern District
of
Pennsylvania against twelve individuals for insider trading in the
securities of Independence Bancorp, Inc. ("INBC") prior to a public
announcement on November 19, 1993, that INBC and CoreStates Financial
Corp.
had entered into a merger agreement. The defendants allegedly obtained
at
least $750,000 from their unlawful trading.
The Complaint names the following insiders as defendants:
* Robert Hunter, 66, resides in Huntingdon Valley, Pa. He is
presently incarcerated at the Pennsylvania State
Correctional
Institution at Dallas as a result of an unrelated criminal
conviction. Hunter was a director of INBC and one of its
subsidiary banks, Cheltenham Bank. Hunter is also the owner
of
Hunter Glass Company and the North Philadelphia Aviation
Center,
Inc., which leases the facilities at the North Philadelphia
Airport.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission today announced the filing of a complaint in the
* Robert Hunter, 66, resides in Huntingdon Valley, Pa.
subsidiary banks, Cheltenham Bank.
which leases the facilities at the North Philadelphia
* Thomas Pileggi, 52, resides in Dresher, Pa., and was a director
The Complaint also names as defendants friends, business associates, or relatives of Hunter
* Edward Dudlik, 48, resides in Rydal, Pa.
* Joseph McKeon, 67, resides in Lafayette Hill, Pa., and is retired
* Kathy Naumann, 49, resides in Pottstown, Pa.
* Benjamin Paul, 67, resides in Philadelphia, Pa., and is an
Charged as a relief defendant is H. Constance Neff, Hunter's ex wife, for trades Hunter
Pileggi purchased 35,000 shares for $996,200, and Greenwood purchased 20,300 shares for
shares for a profit of $22,000; Goldman purchased 2,000 shares for a profit of $9,000; McKeon
White also solicited trades in INBC from his clients, who profited by a total of $29,512.50,
Naumann, Hunter's niece, opened a securities account with White on November 17 and purchased
The Commission is seeking permanent injunctions from Hunter, Pileggi, Greenwood, Dudlik,
st on those amounts; and civil penalties of up to three times their profits and losses avoided.
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