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Federal regulators allege in a lawsuit that three men illegally profited from Arch Coal’s acquisition of International Coal Group.
The U.S. Securities and Exchange Commission’s lawsuit says Frank Tamayo and two other men schemed to generate $5.6 million in profits from several mergers and acquisitions, including $135,052 from the coal companies’ merger. The men traded on nonpublic information gleaned from law firm Simpson Thacher & Bartlett.
One transaction involves Arch Coal’s acquisition of ICG in 2011. The complaint says nine days after ICG sent a draft merger agreement to the law firm, Tamayo purchased shares of the company’s stock. After Arch Coal announced the purchase, Tamayo sold shares, generating illegal profits.
The lawsuit was filed Friday in New Jersey, the same day Tamayo pleaded guilty to federal securities fraud charges.
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A fund to help provide mobile alert buttons for school teachers and staff received close to $400,000 in donations Monday.
Continue Reading Take Me to More NewsFollowing claims that Sen. Jim Justice told debtors he had influence over state court judges in West Virginia, the state Democratic Party is calling for an ethics investigation.
Continue Reading Take Me to More NewsPrices at fuel pumps have surged since the United States went to war with Iran. But the Middle East conflict is also having major impacts on international shipping and supply chains. Those issues are taking a major toll on Appalachian corn farmers.
Continue Reading Take Me to More NewsA campaign flyer targeting Senate candidate Dr. Steven Eshenaur, who has four adopted children, two of them African American, raises race as an issue in the election.
Continue Reading Take Me to More News
