NEW HAVEN, Conn. (AP) — In a story Feb. 6 about a former executive accused of insider trading, The Associated Press reported erroneously that Harman International Industries Inc. was accused of allowing directors to buy or sell Harman securities during a declared trading period window. The company did allow directors to buy or sell Harman securities during a declared trading period window, but it is not accused of any wrongdoing.
A corrected version of the story is below:
Former VP of Stamford company accused of insider trading
A former executive of a Stamford-based company has been accused of insider trading
NEW HAVEN, Conn. (AP) — A former executive of a Stamford-based company has been accused of insider trading.
Connecticut U.S. Attorney Deirdre Daly says 45-year-old Dennis Hamilton, of Norwalk, was arrested Friday on a criminal complaint charging him with securities fraud-insider trading.
Hamilton was vice president of tax at Harman International Industries Inc., a publicly held company.
Harman allowed directors to buy or sell Harman securities in the public market during a declared trading period window.
Authorities say Hamilton was on Harman's insider trading list and in October 2013, outside the trading period window, received non-public information about Harman's financial results. Hamilton then purchased Harman shares, gaining more than $130,000.
The Securities and Exchange Commission announced Friday related civil charges against Hamilton.
Hamilton was released on $2 million bond.
It's unclear whether he's represented by an attorney.