CHICAGO Four steel
company executives and two others have agreed to pay nearly
$640,000 to settle insider trading allegations, the Securities
and Exchange Commission (SEC) said.
The SEC filed a civil action
against eight people in 2011, alleging that four Steel
Technologies Inc. executives had traded on the basis of
nonpublic information about Mitsui & Co. (USA) Inc.s
acquisition of Steel Technologies and that three of them helped
others do the same thing (
amm.com, March 17, 2011).
Six defendants, who collectively
earned $268,805 from their trades, consented to the final
judgments entered in U.S. District Court in Kentucky without
admitting or denying the SECs allegations.
Under the final judgments,
Patrick Carroll will pay $34,279 plus prejudgment interest of
$10,412 and a penalty of $34,279; William Carroll will pay
$54,163 plus interest of $16,452 and a $54,163 penalty; James
Carroll will pay $3,020 plus interest of $917 and a $3,020
penalty; David Calcutt will pay $150,297 plus interest of
$45,652 and a $150,297 penalty; Christopher Calcutt will pay
$4,250 plus interest of $1,291 and a $4,250 penalty; and David
Stitt will pay $22,796 plus interest of $6,924 and a $42,796
Patrick and William Carroll,
David Calcutt and Stitt were all executives of Steel
Technologies. Patrick, William and James Carroll are all
related to Steel Technologies president and chief
executive officer Michael Carroll, who was not charged.
The SECs accusations
against John Monroe and Stephen Somers are still pending.
The Louisville, Ky.-based
company cooperated fully with the SEC investigation, it said in
New York-based Mitsui & Co. USA bought the steel
processor for $532 million in cash and assumed its debt in