U.S. SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 16458 / February 29, 2000
Securities and Exchange Commission v. Robert Spiegel, 00 Civ. 1554 (S.D.N.Y.)
The Securities and Exchange Commission today filed a Complaint in the United States District Court for the Southern District of New York against Robert Spiegel ("Robert Spiegel") of Norwood, New Jersey alleging that Spiegel engaged in insider trading in advance of public announcements concerning the securities of four publicly traded companies: American Medical Response, Inc.; Reading & Bates Corp.; Rohr, Inc.; Georgia-Pacific Corp. Spiegel also recommended three of the securities to a family member. According to the Complaint, Spiegel received tips containing material, nonpublic information concerning the securities of these four companies from his brother, Jeffrey Spiegel. Jeffrey Spiegel had received the tips from Tina Eichenholz, his former girlfriend. She had received the tips from Jeffrey Streich, who had received them from Marisa Baridis, a former compliance employee at two Wall Street investment firms, who had access to confidential information concerning the firms' clients. The Complaint alleges that Spiegel, trading in securities of the four companies, realized illegal profits of $21,187.50. The family member Spiegel tipped traded the three securities that Spiegel had recommended. Spiegel and/or the family member he tipped directed trading in all four securities in accounts of others. The family and the accounts of others realized profits of $53,574.50.
Simultaneous with the filing of the Complaint, Spiegel consented, without admitting or denying the allegations in the Complaint, to the entry of a Final Judgment enjoining him from future violations of Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rule 10b-5 and 14e-3 thereunder, and requiring him to disgorge illegal trading profits of $74,762, plus prejudgment interest and a civil penalty of $74,762.
For information about related matters, see Lit. Rel. No. 15741 (May 15, 1998); Lit. Rel. No. 15990 (Dec. 3, 1998); Securities Exchange Act Rel. No. 40787 (Dec. 14, 1998); Securities Exchange Act Rel. No. 40788 (Dec. 14, 1998); Lit. Rel. No. 16090 (Mar. 18, 1999); Securities Exchange Act Rel. No. 41182 (Mar. 18, 1999); Securities Exchange Act Rel. No. 41220 (Mar. 29, 1999); Lit. Rel. No. 16227 (Aug. 2, 1999); Lit. Rel. No. 16326 (Oct. 4, 1999).
The Commission acknowledges the assistance provided by the U.S. Attorney for the Southern District of New York, the District Attorney for New York County, the New York Stock Exchange, the American Stock Exchange, and the Pacific Exchange, Inc. The Commission's investigation in this matter is continuing.http://www.sec.gov/litigation/litreleases/lr16458.htm