Insider Trading Case Involves Secrets Shared Among AA Members

McGee had also allegedly tipped his co-worker Zirinsky to the merger. Zirinsky likewise bought stock, using his own account plus those of his wife, sister, mother and 89-year old grandmother. He allegedly tipped his father and a friend in Hong Kong, who, in turn, passed the tip along to others. The SEC now is seeking disgorgement from this group of $1.8 million in "ill-gotten gains," plus penalties. No action is being brought against the unnamed PHYL executive.

Paulo Lam and Marianna sze wan Ho, two parties named in the SEC's suit, have already paid and settled, without admitting any wrongdoing.

Zirinsky's attorney, Richard Levan, asked by ABC News for comment, declined. McGee's attorney, John Grugan, did not respond.

Paul Johnson, a spokesman at Ameriprise Financial, said in a statement: "We fully cooperated with the SEC on this matter and conducted an internal review. We have strict rules related to the use of material, nonpublic information and have suspended Mr. McGee ad Mr. Zirinsky."

-- This embed didnt make it to copy for story id = 15920428.
Page
  • 1
  • |
  • 2
Join the Discussion
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: Director Wes Craven attends the screening of Life Itself at the ArcLight Cinemas, June 26, 2014, in Hollywood, Calif.
Paul Archuleta/FilmMagic/Getty Images
PHOTO: Kanye West accepts the Vanguard Award onstage during the 2015 MTV Video Music Awards at Microsoft Theater on August 30, 2015 in Los Angeles, California.
Christopher Polk/MTV1415/Getty Images
PHOTO: Russian President Vladimir Putin works out at Bocharov Ruchei residence in Sochi, Russia, Aug. 30, 2015.
Russian Presidential Press and Information Office/Anadolu Agency/Getty Images