The Securities and Exchange Commission today filed charges against siblings Marco A. Perez (aka Marc), Pedro Perez, Jr. (aka Peter), and Olivia P. Durbin for insider trading before the April 2021 announcement of an offer by storage company United Rentals Inc. to acquire General Finance Corp. The three defendants, all of whom reside in Southern California, realized a combined total of $650,000 in illegal profits from their trading.
The SEC’s complaint alleges that Marco Perez, formerly a General Finance accounting manager, learned in late February 2021 of United Rentals’ interest in acquiring General Finance. As alleged, Marco Perez then began purchasing General Finance shares and continued to do so as he learned about progress on the acquisition. According to the complaint, Marco Perez tipped Pedro Perez and Durbin and encouraged them to buy General Finance shares, including by telling Pedro Perez that he was “all in.” As alleged, Pedro Perez and Durbin then bought General Finance shares as well. When United Rentals announced the acquisition, General Finance’s share price increased from $12.17 to $18.95 and trading volume soared 19,000 percent. As alleged in the complaint, the defendants sold or tendered their shares and realized combined profits of $650,000.
Source: SEC.gov | SEC Charges Three Southern California Siblings with Insider Trading
