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Article: SEC Sues New Jersey Plastics Executive over Trading in Musicland Shares.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 23, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tim Huber, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News
Apr. 23--A New Jersey plastics company executive allegedly netted millions by illegally trading shares of Musicland Stores Corp. ahead of its acquisition by Best Buy Co. in late 2000, according to a civil fraud suit filed by the U.S. Securities and Exchange Commission on Thursday.
Regulators also accused Alfred Teo Sr. of giving illegal tips about the acquisition to 10 relatives, friends and business associates, among them his sister-in-law and even the Wisconsin-based builder of his 110-foot yacht.
Teo denies the allegations and intends to fight them, his ...
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