You have reached your limit of free articles this month.

Enjoy unlimited access to myAJC.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myAJC.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myAJC.com.

Ga. man made $500K on insider trading


A Milner, Ga., resident was found liable for reaping about $500,000 in illegal profits from insider trading connected to Sanofi-Aventis SA’s acquisition of a Chattanooga firm, according to federal authorities.

The U.S. Securities and Exchange Commission said a jury found that Peter Doffing illegally profited from a third-hand tip by buying stock ahead of the French company’s 2009 acquisition of Chattem Inc., a Chattanooga company that makes Icy Hot, Gold Bond and other health products.

Shortly before the merger deal was announced, according to the SEC, a board member at Chattem consulted with his accountant about tax issues related to the merger. The accountant then tipped a broker in Griffin, who told Doffing about the coming merger, said the SEC.

Altogether, the SEC charged 12 individuals with insider trading tied to the acquisition. Six people in the U.S. paid more than $390,000 to settle charges, and the SEC said it obtained a court order freezing over $4 million in trading profits of two French citizens living in Belgium.

In its civil case against Doffing, the SEC is asking the court to require him to pay back the trading profits and to impose other penalities. The court’s decision is pending.



Reader Comments ...


Next Up in Business

The questions all landlords should ask

The vast majority of rental problems can be eliminated in advance through a good screening process. Many amateur landlords are so desperate for a tenant that they accept the first applicant who walks in the door. That is a rental nightmare waiting to happen. When screening any applicant, remember to be consistent - treat all potential renters the same...
New Atlanta Fed president sees lighter burden for small banks
New Atlanta Fed president sees lighter burden for small banks

Banks — especially the smaller ones — can probably expect a lighter touch from regulators in the future, but not in areas that would weaken protections against another industry meltdown, according to the Atlanta Federal Reserve Bank’s new president. Earlier this month the U.S. Treasury Department unveiled a nearly 150-page report...
Couple gets engaged on Delta flight
Couple gets engaged on Delta flight

A Delta Air Lines plane at 30,000 feet became the scene for a carefully-orchestrated engagement this week. Flights were already part of the couple’s long-distance relationship stretched between Atlanta and Pennsylvania — Deepum Patel works in Atlanta while girlfriend Neha Chakravarti has been in dental school in Pennsylvania. During a Wednesday...
Georgia sees huge drop in people on food stamps
Georgia sees huge drop in people on food stamps

Georgia is seeing a significant decrease in the number of people receiving food stamps as the improving economy lifts many recipients into new jobs and frees them from the fear of going hungry. The number of Georgians getting food stamps has dropped by 300,000 from 1.9 million in April 2013 to 1.6 million. That decrease of 16 percent in the federally...
Record number of travelers expected over July 4th weekend
Record number of travelers expected over July 4th weekend

A record number of people are expected to travel over the 4th of July holiday weekend, according to AAA. A total of 44.2 million Americans are forecast to take trips over the period running from June 30 to July 4. In Georgia, 1.3 million people will travel for the holiday, AAA says. Most of them will be driving. But 3.4 million across the country are...
More Stories