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Two charged with insider trading in Chattem deal (Reuters)
WASHINGTON (Reuters) –
Two French citizens have been charged by U.S. regulators with using inside information to buy securities of
.O) before
SASY.PA
) said it would acquire the healthcare group.
for stock in Chattem while knowing information about the Sanofi-Aventis deal.
. Calls to Condroyer were not immediately returned. Attempts to reach Roger were unsuccessful.
, Condroyer bought more than 1,900 Chattem
, the SEC alleged in its complaint filed in federal court in
. The two men bought the contracts in a newly opened U.S. account while in “possession of material, nonpublic information” about the merger, the SEC said.
When the $1.9 billion acquisition was announced
, Roger and Condroyer sold all their options and made about $4.2 million in illegal profits, the SEC alleged.
The SEC said it had obtained an emergency court order to freeze the men's assets and prohibit them from destroying the evidence.
The case is Securities and Exchange Commission v. Condroyer and Roger, U.S.
for the Northern District of Georgia, case no. 09-3600.