The Securities and Exchange Commission Friday imposed a $386,213 fine on a former director of Independence Bancorp, Perkasie, Pa., who was accused of trading on insider information about the bank's 1994 sale to CoreStates Financial Corp.
According to a July 1997 complaint, Robert Hunter bought a large chunk of Independence stock just before the merger announcement in November 1993 and cleared nearly $251,000 in profit. He was also alleged to have disclosed the sale to eight friends and relatives, including attorney Thomas F. Goldman.
Without admitting or denying the allegations, Mr. Hunter agreed to relinquish profits from the sale and to pay interest of $123,438 and a penalty of $262,775. Mr. Goldman agreed to pay $13,431 to cover his profits, interest, and penalties.
CoreStates paid $514 million for Independence in June 1994.