Already a Bloomberg.com user?
Sign in with the same account.
Two former Clear One Health Plans Inc. technology specialists agreed to pay $154,000 to settle claims they traded on nonpublic information about a company takeover, the U.S. Securities and Exchange Commission said.
Daniel Vance, 40, of Bend, Oregon, and Blake Wellington, 46, of Hillsboro, Oregon, learned in 2009 that Clear One was involved in merger talks with PacificSource Health Plans and used the information to buy Clear One shares, the SEC said in an e-mail.
Clear One’s share price jumped 150 percent when the merger was announced in December 2009, and the men reaped $70,000 in profit, the SEC said.
Wellington disgorged his $56,000 profit and paid a penalty of an equal amount. Vance did the same with this $17,500 in profit. Neither admitted or denied the allegations.
In an e-mail, William Kimball, an attorney for Vance, declined to comment on the settlement. Christopher Cooke, an attorney for Wellington, didn’t immediately return a voice-mail message seeking comment.
The case is SEC v. Vance, 13-172, U.S. District Court, District of Oregon (Eugene).
To contact the reporter on this story: Karen Gullo in San Francisco at email@example.com
To contact the editor responsible for this story: Michael Hytha at firstname.lastname@example.org