The Securities and Exchange Commission announced a lawsuit against former Cox Communications Inc. manager of investor relations Frank R.V. Loomans Friday, AP reported.
The civil insider-trading suit alleged that Frank Loomans made at least $285,505 from trades of options on Cox and Concurrent Computer Corp. stock, according to AP.
The SEC alleged that Frank Loomans used sensitive information about Cox not available to the general public to trade stock options in a brokerage account in the name of his father, Luc F. Loomans, between July 2000-July 2001, AP reported.
The suit names Luc Loomans as a relief defendant, saying that he was unjustly enriched by his son's improper trading and seeking restitution from him.
As for Frank Loomans, the agency is seeking unspecified civil fines and restitution, along with an order barring him from serving as an officer or director of a publicly traded company, according to AP.
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