This article was originally published in The Gray Sheet
Executive SummaryFederal judge fines the company more than $3 mil. on July 15 for seven counts of mail and wire fraud. The company says it must pay $1.8 mil. over three years and a restitution payment of $1.3 mil. due within 30 days. Cooper and former co-chairman Gary Singer were convicted of insider trading-related criminal charges in January ("The Gray Sheet" Jan. 17, p. 16); Cooper says that Singer's sentencing will occur "at a later date." Cooper also has "negotiated a settlement" of a November 1992 civil suit filed by the Securities and Exchange Commission against the firm, Singer; and several other parties for insider trading and manipulation of a Cooper debenture's trading price to avoid an interest rate reset. The company has agreed to "permanent injunctions against violation of certain provisions of the federal securities laws and against employment of any members of the Singer family." The SEC agreement also includes a $1.6 mil. disgorgement and a $1.2 mil. civil penalty, which is "reduced by the amounts of the restitution and fine" in the federal court's sentencing, leaving a $311,308 disgorgement payment
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