Fraser chief executive settles insider trading charges

LOS ANGELES: Fraser Communications CEO Renee White Fraser will pay $91,530 to settle federal charges of insider trading of a client's stock.

LOS ANGELES: Fraser Communications CEO Renee White Fraser will pay $91,530 to settle federal charges of insider trading of a client's stock.

The Securities and Exchange Commission charged Fraser with making insider trades based on nonpublic information she received from client East West Bancorp ahead of its acquisition of another bank, according to SEC documents.

Fraser agreed to settle the charges without admitting or denying the allegations, the SEC said. She also agreed to a permanent ban from serving as an officer or director of a public company.

According to the complaint, East West hired Fraser Communications on October 15, 2009, to assist with marketing for the bank's acquisition of San Francisco-based United Commercial Bank. The following day, Fraser bought 10,000 East West shares.

East West publicly announced its acquisition of United Commercial Bank on November 6, 2009. The complaint alleges that Fraser sold 7,500 East West shares on November 10 of that year, the second trading day after the announcement. She sold her remaining shares on June 24, 2011.

Fraser made $43,868 in profit as a result of her trades, the SEC said.

"I made a mistake, and I deeply regret it," Fraser said in a statement. "My commitment is to continue to use my skills to make positive changes occur in the world."

Fraser Communications, based in Los Angeles, serves clients including United Way, Business Wire, CSI Global, and Toyota Parts & Service.

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