Financial Security Assurance Holdings Ltd.
Insider TradingAvy Amouyal, et al.
On March 16, 2000, the SEC obtained a temporary retraining order freezing the accounts of certain unknown purchasers in the common stock of Financial Security Assurance Holdings Ltd. The SEC alleged that the purchasers made over $1 million in illegal insider trading profits by purchasing FSA stock shortly before a March 14, 2000, announcement that FSA was being acquired. For more information about the SEC's action, you can read several litigation releases at 16474 (Mar. 17, 2000), 16494 (Mar. 31, 2000), 16900 (Feb. 14, 2001), 17388 (Mar. 1, 2002), and 17605 (July 10, 2002).
The SEC reached settlements with the defendants, collecting approximately $1.66 million. The Court ordered that a disgorgement fund be established to distribute monies to investors harmed by the illegal trading. Under the Court's Order, investors who sold the common stock of FSA on March 7, 9, 10, or 14, 2000, may be eligible for a disbursement from the fund.
The Court appointed Ralph M. Stone as Receiver over the settlement fund. For information about the fund and how to submit a claim, please visit the Receiver's website. To participate in any possible distribution, claimants must have their claim forms (including relevant documentation) postmarked no later than March 5, 2004.