WASHINGTON (AP) -- A Little Rock, Ark., accountant has agreed to pay nearly $150,000 to settle federal regulators' allegations he improperly used information from former presidential adviser Mack McLarty to trade in Mobil Corp. securities before its merger talks with Exxon Corp. became known.
Stephen B. Humphries neither admitted to nor denied wrongdoing in his settlement with the Securities and Exchange Commission, which was announced Thursday. He was accused of making $70,000 in the alleged insider trading last November and December.Humphries and an unnamed friend made the profit together, the SEC said. The SEC did not name the friend in its civil suit against Humphries because Humphries hadn't told the friend the confidential information about Mobil and Exxon, the agency said.
The SEC had sued Humphries, a certified public accountant, in federal court in Washington, alleging that he violated securities laws against insider trading.
In the settlement, Humphries agreed to pay $144,596 -- comprised of a $70,000 fine, an additional $70,000 to repay the allegedly illicit trading profits and $4,596 in interest.
He also consented to an injunction barring him from violations of the securities laws.