Ex-Home Diagnostics CEO admits to insider trading - My9 New Jersey

Ex-Home Diagnostics CEO admits to insider trading

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TRENTON, N.J. (AP) — Federal prosecutors in New Jersey say a Connecticut man has admitted his role in an insider trading scheme related to the sale of a Florida-based medical products firm.

George Holley of Norwalk, Conn., interrupted his trial to plead guilty Wednesday to two counts of securities fraud. That came one day after prosecutors had rested their case against him.

Holley faces up to 40 years in prison when he's sentenced Dec. 4.

Holley was chairman and CEO of Fort Lauderdale, Fla.-based Home Diagnostics Inc. Prosecutors said Holley disclosed inside information about a Japanese firm's plan to acquire Home Diagnostics to his cousin and friend and told them to buy Home Diagnostics stock just three weeks before the merger was publically announced.

 

Copyright 2012 The Associated Press.

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