$496,000 insider-trading settlement
Joel J. Epstein, of Huntingdon Valley, has agreed to pay $495,627 to settle allegations that he engaged in insider trading in the 2011 sale of Harleysville Group Inc., a Montgomery County insurance company, to Nationwide Mutual Insurance Co. for $760 million, the U.S. Securities and Exchange Commission said.
Joel J. Epstein, of Huntingdon Valley, has agreed to pay $495,627 to settle allegations that he engaged in insider trading in the 2011 sale of Harleysville Group Inc., a Montgomery County insurance company, to Nationwide Mutual Insurance Co. for $760 million, the U.S. Securities and Exchange Commission said.
Epstein, 80, allegedly received the insider information from his son, whose girlfriend worked at a law firm involved in the deal. Epstein tipped four other people to the deal. The son, the girlfriend, and the others who received the insider information were not charged.
- Harold Brubaker