US: Anheuser-Busch InBev deal part of insider trading scandal
The husband of a senior executive at financial pr firm Brunswick Group has been formally charged with orhestrating an insider trading racket that included Anheuser-Busch shares.
Matthew Devlin has been charged with supplying confidential information on 13 pending transactions, including InBev's recent US$52bn takeover of Anheuser-Busch, to an insider trading ring.
Devlin, a former employee at Lehman Bros, used his wife's position as a partner at Brunswick's New York office to gain access to the information, the US Securities and Exchange Commission alleged.
Devlin's wife knew of InBev's tender offer for Anheuser-Busch on 26 April this year, although an official announcement was not made until 11 June, according to the SEC complaint.
It said the couple were known as "the golden goose" by those involved in the trading ring. The SEC estimated that the group made US$4.8m out of the scam.
No charges have been brought against Devlin's wife as of 22 December.
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