CEO Is Fined Under Reg FD
Traders Magazine, September 2003
A corporate boss, who in a private meeting with portfolio managers disputed earnings estimates on the company prepared by analysts, has been fined by the Securities and Exchange Commission. He is the first individual penalized under Reg FD by the SEC, which settled the case against Richard Kogan, former chairman and CEO of Schering-Plough. The company agreed to pay a $1 million civil penalty. Kogan agreed to pay $50,000. Reg FD was introduced in August 2000 to prevent selective disclosure of sensitive market news. Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.tradersmagazine.com
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.