U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16774 / October 18, 2000
SECURITIES AND EXCHANGE COMMISSION V. JEROME ALPIN, JANE ALPIN, GREGORY SILBERG and ETHNE SILBERG CV 00-11107 LGB (SHx)
The Securities and Exchange Commission ("Commission") announced today that it filed a civil action against Jerome Alpin, a former Senior Vice-President of DEP Corp. ("DEP"), his wife, Jane Alpin, and their friends Gregory and Ethne Silberg, for insider trading in DEP stock before the July 14, 1998 public announcement that Henkel KGaA ("Henkel") would acquire DEP via a tender offer. The action was filed in federal court in Los Angeles. DEP was a manufacturer of health and beauty care products located in Rancho Dominguez, California.
The Commission's complaint alleges that on July 9, 1998, Jerome Alpin, then a DEP Senior Vice-President, acquired material nonpublic information concerning Henkel's plans to acquire DEP. The complaint further alleges that Jerome Alpin tipped this information to Jane Alpin, who then tipped the information to Gregory and Ethne Silberg. According to the complaint, the Silbergs purchased 20,000 DEP shares on July 10, 1998, which they sold shortly after the public announcement for a profit of $36,124. The Commission charged the defendants with violations of Section 14(e) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 14e-3 thereunder.
All four defendants have agreed to settle the case by consenting, without admitting or denying the allegations in the complaint, to the entry of a judgment permanently enjoining them from future violations of Section 14(e) of the Exchange Act and
The Commission acknowledges the assistance provided by NASDR Inc.