Givan, Former Chief Justice, leaked PSI decision believed ruling was released
Post-Tribune (IN)
March 21, 1991
Author: The Associated Press
"We can't confirm that there's insider trading," but "unusual, suspicious activity" took place in the stock market after the leak occurred, Mullett said.
Most of the 1.33 million shares of PSI stock traded March 12 were sold by Fund American Cos. Inc.
Leigh Pefley, PSI's executive director of investor relations, said Fund American had been offering a large block of PSI stock for sale for several weeks and it was a coincidence that buyers came along on March 12.
Robert Campbell, a financial adviser to Fund American, said, "I would consider it a non-event, and the marketplace bears that out."
More than a million of the shares were sold at 17 1/4, the low for the day; the stock opened at the high for the day, 17 5/8.
Some, including Givan, Pefley and Campbell, believe insider trading couldn't have occurred because demand didn't cause the stock's price to skyrocket, the newspaper said.
The Citizens Action Coalition has sent information about the matter to the federal Securities and Exchange Commission. William McLucas, director of the SEC's enforcement division, said he cannot comment on potential or pending investigations.
Memo: THIS ELECTRONIC VERSION MAY DIFFER SLIGHTLY FROM THE PRINTED VERSION.
Edition: WEST LAKE
Section: STATE
Page: B12
Dateline: INDIANAPOLIS
File Created: 2008-Sep-06
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