SEC Fines Ex-Tallgrass Board Member and Friends in Insider Trading Case
By Dean Seal
The U.S. Securities and Exchange Commission has fined a former director of Tallgrass Energy LP and four of his friends for allegedly trading on insider knowledge of an offer to take the company private.
The Wall Street regulator alleged Tuesday that Roy Cook learned in late July 2019 about Blackstone Infrastructure Partners' offer to acquire all Tallgrass shares that it didn't already own and gave that confidential information to four friends, who all bought the company's stock ahead of the offer.
Without admitting or denying the allegations, Cook has agreed to pay a $801,000 fine and disgorge his allegedly illicit trading profits. The four other defendants have also agreed to disgorge their allegedly ill-gotten gains and pay a fine equal to the amount of those gains.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 12, 2024 12:39 ET (16:39 GMT)
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