Two Settle Sirius Insider Trading Charges
December 19, 2005 at 3:40 PM (PT)
A former SIRIUS SATELLITE RADIO and DAIMLERCHRYSLER executive and an accountant have settled insider trading claims by the SEC involving SIRIUS stock and the HOWARD STERN contract.
TRACEY STANYER, who was a senior manager at the car maker before joining SIRIUS as a VP in the company's DETROIT office, allegedly bought 29,100 shares of SIRIUS stock on OCTOBER 5, 2004, after learning that the company was negotiating with STERN, and sold the stock on OCTOBER 7 and 8, after the OCTOBER 6 announcement of STERN's new deal. STANYER, who left SIRIUS in APRIL, has agreed to pay back $17,987 of profits and interest and a civil penalty of $17,357, and has agreed not to act as an officer or director of any public company.
Accountant GARY HERWITZ, former President of MAHONEY COHEN AND CO., is paying a total of $52,000. to settle his case, which arose from his purchase of stock on SEPTEMBER 30, 2004 after being advised of the STERN deal.