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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.