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U.S. Securities and Exchange Commission

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 17498 / May 1, 2002

SECURITIES AND EXCHANGE COMMISSION V. SAMIR TRABOULSI, CHARBEL GHANEM, SOCOFINANCE SA, INTERNATIONAL DISCOUNT BANK & TRUST (WEST INDIES) LTD., ALAIN BOUBLIL, MAX THERET, ROBERT REIPLINGER, PATRICK GRUMAN, and JEAN-PIERRE EMDEN, Civil Action No. 97 Civ. No. 5759 (USDC/Southern District of New York).

The Securities and Exchange Commission announced today that a disgorgement fund has been established to distribute monies to investors harmed by illegal trading in Triangle Industries stock. On August 4, 1997, the SEC filed a civil action against seven foreign nationals and two foreign entities alleging insider trading in the securities of Triangle Industries, Inc. shortly before a November 21, 1988 tender offer by Pechiney Corporation. For more information about the SEC's action, you can read Litigation Release No. 15429 (August 4, 1997). The SEC reached settlements with several of the defendants, collecting approximately $6.5 million.

Investors who sold the common stock of Triangle Industries, Inc. during the trading period August 18, 1998 through November 21, 1988 may be eligible for a disbursement from the fund. Susan E. Brune of Brune & Richard LLP has been appointed the Receiver of the fund. Individuals or entities that believe they might have a claim should contact Ms. Brune at the following address:

Susan E. Brune
Brune & Richard LLP
26 Broadway, 20th Floor
New York, New York 10004
Telephone: (212) 668-1900
Fax: (212) 668-0315
Email: triangle@bruneandrichard.com


http://www.sec.gov/litigation/litreleases/lr17498.htm

Modified: 05/02/2002