Handojo settles insider trading charges in U.S.<\/p>\n
WASHINGTON (Bloomberg): A former J.P. Morgan & Co visiting
\nanalyst agreed to surrender US$588,766 to settle U.S. Securities
\nand Exchange Commission charges that he traded on inside
\ninformation about NationsBank Corp's acquisition of Barnett Banks
\nInc and other bank mergers.<\/p>\n
Roy Handojo, an Indonesian who was working in New York as an
\nanalyst trainee, is serving a 15-month prison sentence after
\npleading guilty last November to similar criminal charges.<\/p>\n
The allegations by both the SEC and federal prosecutors
\ninvolve four banking company mergers in which J.P. Morgan was
\ninvolved as an adviser.<\/p>\n
The SEC, in a lawsuit filed in federal court in New York last
\nSeptember, alleged Handojo used inside information to buy
\nsecurities of Signet Banking Corp, ACC Consumer Financial Corp,
\nBarnett Banks Inc and Great Financial Corp. Handojo, then 25,
\nbought the securities days before the companies announced merger
\nagreements between July and September 1997, the suit contended.<\/p>\n
Handojo neither admitted nor denied wrongdoing in settling the
\nSEC case, and his attorney could not be reached for comment. He
\ninitially denied the allegations, telling investigators that he
\ntraded on published rumors, and noticed price and volume
\nincreases in the bank stocks he purchased. Handojo made $665,000,
\nincluding interest, on the trades, but the SEC said it lowered
\nthe amount it required him to surrender because of his inability
\nto pay.<\/p>\n
J.P. Morgan was an adviser on the transactions between Signet
\nand First Union Corp, ACC and Household International Inc, and
\nBarnett and NationsBank. The brokerage also advised an unnamed
\ncompany that unsuccessfully competed with Star Banc Corp to
\nacquire Great Financial, the SEC alleged.<\/p>",
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