Minnesota Man to Pay $140K for Snooping, Insider Trading
MINNEAPOLIS (AP) — Regulators say a Minnesota man snooped in his wife's work papers and used information about UnitedHealth Group's upcoming acquisitions to profit from insider trading.
James Hengen has agreed to pay about $140,000 to resolve civil charges.
The Securities and Exchange Commission sued Hengen for allegedly stealing information about two pending UnitedHealth acquisitions and using the information to make about $60,000 from buying and selling stocks. The SEC alleged Hengen also informed his brother and three co-workers, who used the pending deal information to buy shares.
Hengen declined to comment on the case. Last week, he filed a consent to final judgment that says he doesn't admit or deny the civil allegations against him.
UnitedHealth Group declined to comment to the newspaper.