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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION SETTLEMENTS EXCHANGE COMMISSION TRADING INSIDER PURCHASES FSA STOCK ENTRY JUDGMENTS SETTLING DEFENDANTS PROVISION SECURITIES AUTHORITY FINANCIAL SECURITY ASSURANCE SECURITY ASSURANCE HOLDINGS POSSESSION NONPUBLIC INFORMATION CONTEMPLATED ACQUISITION DEXIA GROUP REASON BREACH DUTIES TRUST ASSISTANCE COMMISSION DES OPERATIONS BOURSE FRENCH SECURITIES AUTHORITY ISRAEL SECURITIES AUTHORITY |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17388 / March 1, 2002
SEC v. Avy Amouyal, et al., Civil Action No. 00-Civ-2029, SDNY
SEVEN FOREIGN NATIONALS AGREE TO PAY $1,267,240 TO SETTLE INSIDER
TRADING ACTION INVOLVING PURCHASES OF FSA STOCK
The Securities and Exchange Commission announced that it has reached
settlements with seven of the eight remaining defendants in this
international insider trading case. Avy Amouyal, Andre Amouyal, Pinhas
Amouyal, Samuel Chemouny, Bernard Bracha, Frank Naccache and Arnaud
Mimran have consented to the entry of final judgments ordering them to
disgorge trading profits of $1,267,240 plus prejudgment interest. The
settling defendants will be permanently enjoined them from violating
the antifraud provision of the Securities Exchange Act of 1934,
specifically Section 10(b) and Rule 10b-5 thereunder. The defendants
consented to the entry of the judgments without admitting or denying
the allegations. The settlements provide that the required payments
may be made from defendants' funds that are subject to the asset
freeze provisions of the Court's preliminary injunction. Two other
defendants settled the action in February of last year. See LR-16900.
The case against the remaining defendant, Gerard Pariente, is
continuing
The Amended Complaint alleges that in March 2000, the settling
defendants purchased the common stock of Financial Security Assurance
Holdings, Ltd while in possession of material, nonpublic information
concerning a contemplated acquisition of FSA by Dexia Group, that they
knew or had reason to know had been communicated to them, directly or
indirectly, in breach of fiduciary or similar duties of trust and
confidence.
The Commission acknowledges the assistance of the Commission des
Operations de Bourse (the French securities authority) and of the
Israel Securities Authority.
_________________________________________________________________
Modified 03/01/2002
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