MINNEAPOLIS (AP) — Regulators say a Minnesota man snooped in his wife’s work papers and used information about UnitedHealth Group’s upcoming acquisitions to profit from insider trading.
The Star Tribune reports that James Hengen has agreed to pay about $140,000 to resolve civil charges.
The Securities and Exchange Commission sued Hengen for allegedly stealing information about two pending UnitedHealth acquisitions and using the information to make about $60,000 from buying and selling stocks. The SEC alleged Hengen also informed his brother and three co-workers, who used the pending deal information to buy shares.
Hengen declined to comment on the case. Last week, he filed a consent to final judgment that says he doesn’t admit or deny the civil allegations against him.
UnitedHealth Group declined to comment to the newspaper.
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