The Securities and Exchange Commission charged a Swiss man for allegedly illegally scoring a $1.8 million profit on a tip a company was being bought by Apple (AAPL).
Helmut Anscheringer allegedly bought stock and call options in AuthenTec after learning from a “longtime friend” the company was being bought by Apple but before the news was disclosed to the public, the SEC says. The company provides fingerprint sensors and other technology used to allow mobile devices to identify their users without entering a password.
Days after receiving the tip, shares of AuthenTec soared 60% after Apple announced it bought the company for $355 million in cash, the SEC says. Apple announced the acquisition on July 27, 2012, says S&P Capital IQ. With his well timed trades, Anscheringer scored $1.8 million in profit, the SEC says.
Phillip Stern, attorney at Neal, Gerber & Eisenberg who is defending Anscheringer, told USA TODAY he had no comment on the case.
Source: USA TODAY