Last week, the SEC filed a complaint against four men accused of an insider trading scheme that generated more than $210,000 in illegal profit. John A. Foley, Aaron M. Grassian, Timothy L. Vernier, and Bradley S. Hale were charged with providing tips regarding the securities of Crocs, Inc., YRC Worldwide, Inc., Spectralink Corporation and SigmaTel, Inc.
Foley worked as an employee benefits specialist at Deloitte from 2005-2007. During that time period, he allegedly learned of a series of nonpublic statements involving Crocs, Inc., YRC Worldwide, Inc., Spectralink Corporation and shared it with Vernier and Grassian, after trading on the information for his own account. The SEC claims Hale then tipped Grassian about the acquisition of SigmaTel, and Grassian then shared the information with Foley.
All four have agreed to settlements, which have been submitted to the court for approval.