SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16971 /April 19, 2001
SECURITIES AND EXCHANGE COMMISSION v. J. VAN OLIVER, United States District Court for the District of Columbia, Civil Action No.1:01CV00859
The Commission today filed a settled insider trading action in the United States District Court for the District of Columbia against J. Van Oliver. The Commission alleged that Oliver learned of the merger between Texas Utilities and Enserch Corp., prior to the April 15, 1996 announcement of the merger, from his brother, an attorney at the law firm that represented Texas Utilities in the merger negotiations. J. Van Oliver purchased 3,050 shares of Enserch after receiving this information about the merger, and profited from the increase in the price of these shares after the announcement of the merger.
J. Van Oliver consented, without admitting or denying the allegations of the Complaint, to the entry of an injunction prohibiting future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment also requires Oliver to disgorge profits of $11,369.17, pay prejudgment interest of $5,451.76, and pay a civil penalty pursuant to Section 21A of the Exchange Act of $11,369.17. See also Litigation Release No. 16949.
The Commission acknowledges the assistance of the New York Stock Exchange in this matter.http://www.sec.gov/litigation/litreleases/lr16971.htm