The Commission today announced the filing of insider trading charges against John J. Pacowta, a resident of Middlebury, Connecticut, and a former director of Center Financial Corporation, a bank holding company.The Commission alleged that Pacowta illegally bought Center Financial stock ahead of a public announcement by First Union Corporation on June 17, 1996, that it intended to acquire Center Financial via merger.

According to the Commission, prior to his purchase, Pacowta attended a meeting of Center Financial's board of directors at which he learned that First Union was interested in acquiring Center Financial and that Center Financial's board of directors had voted to hold a special meeting the following week, with its investment bankers present, to discuss a possible sale or merger. Pacowta made an unrealized profit of $4,985.88 on his Center Financial purchase.

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