SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16781 / October 26, 2000
SEC v. Raymond A. Imp, D.N.J., Case No. 00CV4728
SEC SETTLES INSIDER TRADING CASE AGAINST IMP
The Securities and Exchange Commission announced that on September 28, 2000, it filed a civil injunctive action in the United States District Court for the District of New Jersey against Raymond A. Imp, a resident of Mount Laurel, New Jersey. The Complaint alleges that Imp engaged in illegal insider trading in the securities of Interlake Corporation, which was in the business of designing, manufacturing and selling industrial material and equipment, in the weeks before a December 7, 1998 public announcement that GKN plc would acquire Interlake through a cash tender offer at a price of $7.25 per share. At the time of his Interlake stock purchases, Imp was the Vice-President of Finance of Interlake subsidiary Hoeganaes Corporation, based in Riverton, New Jersey. Before the public announcement of the tender offer on December 7th, Imp purchased 68,000 shares of Interlake stock between November 4, 1998 and December 4, 1998 while in possession of material, non-public information related to Interlake's potential acquisition. As a result of his Interlake stock purchases before the public announcement of Interlake's acquisition, Imp made profits of $252,119.
Without admitting or denying the allegations of the Complaint, Imp consented to the entry of a final judgment that would permanently enjoin him from future violations of antifraud and tender offer provisions of the federal securities laws (Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder), and ordering Imp to disgorge profits of $252,119, plus prejudgment interest of $31,806.24 and pay a civil penalty of $252,119.
The Commission acknowledges the assistance of the New York Stock Exchange in this matter.