New York banker accused of insider trading

Feb 24, 2014 | 05:41 PM | Frank Haflich

Tags  Titanium Metals, Timet, Precision Castparts, PCC, Frank Perkins Hixon Jr., Evercore Group, Destiny

LOS ANGELES — A New York investment banker has been accused of insider trading ahead of Precision Castparts Corp.’s (PCC’s) $2.9-billion acquisition of Titanium Metals Corp. (Timet) in November 2012.

Frank Perkins Hixon Jr., a former senior managing director of Evercore Group LLC’s Mining and Metals Group, New York, realized nearly $1 million in profits, according to allegations in criminal and civil complaints filed by the U.S. Attorney in New York and the U.S. Securities and Exchange Commission (SEC).

The criminal charges filed late last week in U.S. District Court in New York accuse Hixon of using insider information in trading for his own account and the accounts of his father and former girlfriend. ....

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