Money Manager Accused of Trading on Confidential Information Acquired Through AA
Posted Mar 14, 2012 9:28 AM CDT
By Debra Cassens Weiss
The Securities and Exchange Commission has accused a former money manager at Ameriprise Financial Services of insider trading based on information he learned through Alcoholics Anonymous meetings.
According to the SEC civil suit, Timothy McGee learned the information from an insurance executive who said he was being driven to drink because of the impending sale of his company, the Philadelphia Consolidated Holding Corp. McGee’s business partner, Michael Zirinsky, and three others were also named in the complaint. The New York Times' Dealbook blog and Reuters have stories.
The five defendants were accused of collecting a total of $1.8 million in illegal profits.