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Article: SEC sues Sigma's Teo for insider trading.(United States. Securities and Exchange Commission)(Sigma Plastics Group, Alfred Teo)
- Article from:
- Plastics News
- Article date:
- April 26, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. 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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Byline: Joseph Pryweller
The Securities and Exchange Commission has charged Alfred Teo, owner of leading plastic bag producer Sigma Plastics Group, with insider trading and other actions that allegedly netted him and several relatives and colleagues more than $23 million in illegal profit.
The civil suit contends that Teo illegally purchased securities in Minneapolis-based Musicland Stores Corp. in the summer and fall of 2000.
Teo had learned through confidential communications with Musicland executives that the mall retailer would be sold to Best Buy Co. Inc., the suit alleges. The Musicland deal was announced publicly in December 2000.
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