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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
GIDVANI SECURITIES EXCHANGE COMMISSION JUDGEMENT TRADING PARVIN GIDVANI CIVIL CIR APPEALS AFFIRMS FORMER EMPLOYEE OWEN HEALTHCARE PAY INSIDER TRADING DISGORGE ILLEGAL TRADING PROFITS COURT JUDGMENT ORDERING CIRCUIT CURIAM ORDER SOUTHERN DISTRICT TEXAS MOTION SUMMARY JUDGMENT VIOLATION SECURITIES EXCHANGE ACT THEREUNDER TIPPEES AGGREGATE AMOUNT CIVIL PENALTY |
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
LITIGATION RELEASE NO. 17575 / June 20, 2002
Securities and Exchange Commission v. Parvin Gidvani, Civil Action No.
01-20428 (5th Cir., May 15, 2002)
U.S. COURT OF APPEALS AFFIRMS DISTRICT COURT JUDGMENT ORDERING PARVIN
GIDVANI, FORMER EMPLOYEE OF OWEN HEALTHCARE, INC., TO PAY $305,984 IN
INSIDER TRADING CASE
The Securities and Exchange Commission ("Commission") announced today
that on May 15, 2002, in , No. 01-20428 (5th Cir.), the U.S. Court of
Appeals for the Fifth Circuit, by means of a per curiam order,
affirmed a Final Judgment of the U.S. District Court for the Southern
District of Texas which granted the Commission's motion for summary
judgment against Parvin Gidvani. The District Court found Gidvani, a
former employee of Owen Healthcare, Inc., liable for insider trading
in violation of Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder. The District Court Judgment required
Gidvani to disgorge all of his illegal trading profits and the illegal
trading profits of his two tippees, in an aggregate amount of
$104,500. It also required him to pay interest of $44,734 on that
disgorgement and a civil penalty of $156,750.
See (March 23, 2000); (April 30, 2001).
_________________________________________________________________
Modified 06/20/2002
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