The Securities and Exchange Commission said Thursday that it has filed an insider trading lawsuit against two New York bankers.
The suit filed in the U.S. District Court for the Southern District of New York, alleges that the defendants' trading generated illegal trading profits of more than $430,000.
The two defendants are Richard Ference, a vice president in the New York office of Bank of Tokyo-Mitsubishi Trust Co., and Kevin Kirkbride, a former employee of Salomon Smith Barney.
The defendants have until the end of July to file an answer, said William Baker, an associate director in the SEC's division of enforcement. Criminal charges have also been filed by the U.S. Attorney.