Ousted InfoSpace founder ordered to repay $247-million

The Sushi Bandit

(1000+ posts) Send PM | Profile | Ignore

Wed Aug-27-03 06:25 PM
Original message

Ousted InfoSpace founder ordered to repay $247-million

http://www.globeandmail.com/servlet/story/RTGAM.20030822.winfo0823/BNStory/Technology/

Associated Press

Seattle � InfoSpace founder Naveen Jain was ordered Friday to repay $247-million (U.S.) to the Bellevue-based Internet company for violating securities laws on insider trading.

The award is believed to be one of the largest ever ordered under the Securities and Exchange Act's rule against so-called "short-swing" trading, in which company insiders trade shares within a six-month period of buying or selling them.

Printer Friendly | Permalink | | Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.