Continuing its investigation into insider trading at Rochester Community Savings Bank, the Securities and Exchange Commission Thursday accused a third person at the upstate New York thrift with illegal trading in connection with 1993 merger discussions.

In a lawsuit filed in federal court in Rochester, the agency charged Timothy J. Moriarty, a former vice president at the thrift and now president of Medina (N.Y.) Savings and Loan.

He was charged with using his knowledge of merger talks between Rochester Community and Buffalo-based First Empire State Corp. to buy and sell common stock and call options.

The talks fell through in May 1993, and Mr. Moriarty sold his stock three weeks before the June 2 announcement by Rochester Community, according to the suit. The SEC is seeking $210,242 in returned profits and triple damages.

SEC officials said the investigation is continuing. Mr. Moriarty said Thursday that he did not know of the suit; he declined to comment further.

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