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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
GAYLE RAISOR ADESA SECURITIES KEVIN RAISOR JUDY HOCKETT EXCHANGE TRADING EXCHANGE COMMISSION COMPLAINT CIVIL PENALTY MINNESOTA POWER DISGORGEMENT PROFITS EXCHANGE ACT PERMANENT INJUNCTIONS PREJUDGMENT THEREON JUDGMENTS FILING DISTRICT VIOLATIONS THEREUNDER INSIDER TRADING PRIOR COMPLAINT ALLEGES PAY TRADE TIME CIVIL PENALTY AMOUNT |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15377 / May 30, 1997
SECURITIES AND EXCHANGE COMMISSION V. JUDY HOCKETT, GAYLE RAISOR, AND
KEVIN
RAISOR, Civil Action No. IP97-870-C-D/F (S.D.In. May 29, 1997)
The Securities and Exchange Commission today announced the filing
of a
Complaint in the United States District Court for the Southern District
of
Indiana alleging that Judy Hockett, Gayle Raisor and Kevin Raisor
violated
Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act")
and
Rule 10b-5 thereunder by engaging in insider trading in the common
stock of
Adesa Corp. ("Adesa") prior to a public announcement on January 5,
1995,
that Adesa and Minnesota Power had entered into an agreement under
which
Adesa would become an 80% owned subsidiary of Minnesota Power. In
its
Complaint, the Commission seeks permanent injunctions against Judy
Hockett,
Gayle Raisor, and Kevin Raisor, disgorgement of trading profits,
prejudgment interest thereon, and civil penalties.
Specifically, the Complaint alleges that prior to purchasing
shares of
Adesa, Gayle Raisor received a tip from his sister, Judy Hockett,
that
Adesa would soon be acquired by Minnesota Power and Light Company.
This
confidential information had been obtained by Judy Hockett from her
husband, the chief executive officer of Adesa. In addition to trading
in
the securities of Adesa with knowledge of its potential acquisition
by
Minnesota Power, the Commission's Complaint alleges, Gayle Raisor
tipped
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