2 IT specialists settle insider trading charges
PORTLAND, Ore. (AP) — Two information technology specialists at an Oregon-based health insurance company have agreed to pay about $150,000 to settle charges that they benefited from insider trading.
The Security and Exchange Commission announced the settlement Wednesday. According to its complaint, Daniel Vance of Bend and Blake Wellington of Hillsboro learned that their employer — Clear One Health Plans — was involved in advanced merger negotiations with a competitor, and they used the information to buy shares and make profits.
The complaint says Vance discovered the confidential merger documents while trying to resolve the CEO's email problem. He then alerted Wellington, his supervisor.
Wellington quickly bought 3,700 shares and Vance picked up 1,200. They immediately started selling their shares when the merger was announced.