The Securities and Exchange Commission charged Jeffery J. Temple, a former information systems and security manager at a Wilmington law firm, with insider trading that netted him and his brother-in-law $182,000 in illegal profits.
Temple, 40, allegedly used nonpublic information to trade in advance of at least 22 mergers and acquisitions announcements by 20 companies, the SEC said in a civil complaint filed in U.S. District Court for Delaware. SEC also charged Temple's brother-in-law, Benedict M. Pastro, 43, who allegedly traded in concert with Temple in advance of 12 public announcements by companies that had hired Temple's law firm.
The name of the law firm where Temple worked was not disclosed.
Temple and Pastro both live in Newark. Neither of their lawyers returned calls seeking comment. Temple did not respond to a message left at his residence.
The alleged illegal trading was uncovered by Philadelphia-based staff of the SEC's Market Abuse Unit. - Harold Brubaker