The Securities and Exchange Commission today filed a settled injunctive action in the United States District Court for the District of Massachusetts, alleging that Avi Fogel, a former EMC Corp. executive, made more than $190,000 in illicit profits when he engaged in insider trading in the common stock of Document Sciences Corp. The alleged trading occurred prior to the announcement on December 27, 2007, that EMC would acquire Document Sciences.
The Commission alleges that during his time as Vice President of strategic initiatives at EMC, Avi Fogel led the team that ultimately decided on the acquisition of Document Sciences. The SEC claims that ahead of the deal, Fogel acquired 30,000 shares of Document Sciences common stock and then sold them at a profit after the public announcement of the acquisition, on February 28, 2008.
Fogel agreed to pay over $390,000 to settle the insider trading charge.
