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SEC v DOUGLAS M. GLOFF Click to find out why . . .



Keywords & Phrases
CaseNo: LR-17820, CourtCode: DIS, CourtName: , UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF, Defendant: Douglas M. Gloff, Plaintiff: SEC, State: WA Washington, UniqueCaseRef: SEC>LR-17820, Gloff, Commission, Northern District, Acuson, Exchange, California, Complaint, Securities, Charges, Insider Trading, United States District, States District Court, Civil, Douglas, Pays, Disgorgement, Penalties, Judgement, Prior, Stock Exchange, Commission Staff, Deny, Filing, Guilty Plea, Connection, York Stock Exchange, Pacific Stock Exchange, Federal Bureau, Cooperation , ContentID: 120254027

Case Documents
1 2002-10-31 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 130854
2 pages
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Total Documents: 1 document , 2 pages
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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
COMMISSION
NORTHERN DISTRICT
ACUSON
EXCHANGE
CALIFORNIA
COMPLAINT
SECURITIES
CHARGES
INSIDER TRADING
LITIGATION
UNITED STATES DISTRICT
STATES DISTRICT COURT
CIVIL
DOUGLAS
PAYS
DISGORGEMENT
PENALTIES
JUDGEMENT
PRIOR
STOCK EXCHANGE
COMMISSION STAFF
DENY
FILING
GUILTY PLEA
CONNECTION
YORK STOCK EXCHANGE
PACIFIC STOCK EXCHANGE
FEDERAL BUREAU
COOPERATION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17820 / October 31, 2002

   , United States District Court for the Northern District of
   California, Civil Action No. C01-4984 MJJ

   DOUGLAS M. GLOFF PAYS OVER $290,000 IN DISGORGEMENT, INTEREST AND
   PENALTIES TO SETTLE INSIDER TRADING CHARGES

   The Securities and Exchange Commission announced today that Judge
   Martin J. Jenkins of the United States District Court for the Northern
   District of California has entered a Final Judgment against Douglas M.
   Gloff, of San Diego, California, in a Commission action that charged
   him with insider trading in the securities of Acuson Corporation.
   Without admitting or denying the allegations in the Commission's
   complaint, Gloff consented to the judgment which permanently enjoins
   him from violating Section 14(e) of the Securities Exchange Act of
   1934 and Rule 14e-3 thereunder, and orders him to pay $137,485.91 in
   disgorgement, prejudgment interest of $17,355.08, and a civil penalty
   of $137,485.91.

   The Commission's complaint in this matter, filed on December 19, 2001,
   alleged that Gloff engaged in unlawful insider trading prior to the
   public announcement on September 27, 2000 that Siemens Medical
   Engineering Group was making a tender offer for Acuson. The Commission
   alleged that, prior to the public announcement, Gloff learned from an
   Acuson director that Acuson was going to be acquired. According to the
   complaint, Gloff, while in possession of this material, non-public
   information, purchased 200 Acuson call options on September 21, 2000
   and then sold all 200 calls immediately following the public
   announcement, realizing illegal profits of $137,485.91. The complaint
   further alleged that on October 3, 2000, after being contacted by the
   Commission staff, Gloff met with the Acuson director and suggested
   that the director deny that he knew Gloff if he was asked that
   question. (Litigation Release No. 17282, December 19, 2001.)

   Simultaneously with the filing of the Commission's complaint, the U.S.
   Attorney's Office for the Northern District of California filed
   related criminal charges against Gloff. Gloff has entered a guilty
   plea in connection with those charges, and is scheduled to be
   sentenced on November 21, 2002.

   The Commission would like to thank the New York Stock Exchange, the
   Pacific Stock Exchange, the U.S. Attorney's Office for the Northern
   District of California and the Federal Bureau of Investigation for
   their cooperation in this investigation.
SNIPPETS:
  • Litigation Release No. 17820 / October 31,
  • DOUGLAS M. GLOFF PAYS OVER $290,000 IN DISGORGEMENT, INTEREST AND PENALTIES TO SETTLE INSIDER
  • The Securities and Exchange Commission announced today that Judge Martin J. Jenkins of the
  • Without admitting or denying the allegations in the Commission's complaint, Gloff consented
  • The Commission's complaint in this matter, filed on December 19, 2001, alleged that Gloff
  • The complaint further alleged that on October 3, 2000, after being contacted by the
  • Simultaneously with the filing of the Commission's complaint, the U.S. Attorney's Office for
  • Gloff has entered a guilty plea in connection with those charges, and is scheduled to be
  • The Commission would like to thank the New York Stock Exchange, the Pacific Stock Exchange,
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