An executive with IBM UK has been accused of insider trading by the US regulator, but the inside information relates to NCR and an American IT company.
By Ron Coates
Published: 29 November 2000 17:18 GMT
The US Securities and Exchange Commission yesterday filed suit against Stephen Cowley in a Manhattan federal court. The regulator said it has tapes from stockbrokers Salomon Smith Barney of conversations with Cowley, who made $127,000 on two share and option deals in 4Front Technologies.
Cowley, who lives in Surrey, is alleged to have bought the shares and options three weeks before NCR announced a takeover of 4Front, a London-based help-desk operator, and to have sold them immediately after the announcement.
Neither IBM nor NCR would comment.
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