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Broker Busted for Insider Trading
FINRA barred a former Illinois RR because he allegedly engaged in insider trading and failed to respond truthfully to questioning by investigators in FINRA's Office of Fraud Detection and Market Intelligence (OFDMI). Michael Hendry also was disgorged of $70K in unlawful profits.
Hendry worked as a divisional VP for Pacific Select Distributors from November 2005 to September 2010. He's charged with trading shares of Boots & Coots (WEL) in 2010, while in possession of insider information - i.e., that another company was going to acquire the WEL. The specifics:
- Feb. 25 and 26, Mar. 11 and 17, Hendry BOT 73,000 shares of WEL ($1.73 -$2.16 a share).
- Apr. 9 , company announced it would be acquired by Halliburton for $3 a share.
- 4/12, the next trading day, WEL's stock price rose 67 cent (25%) to $2.95 a share - at which point Hendry sold all his WEL shares, for about $70K in profits.
[FINRA Release, 5/2/11]. For further details, go to: [FINRA AWC, 4/28/11]
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