The CEO of a Los Angeles public relations firm has been charged with insider trading by the Securities and Exchange Commission.
According to an SEC press release, Renee White Fraser of Fraser Communications bought 10,000 shares in East-West Bank the day after the bank hired her firm to help with public relations work on its planned acquisition of United Commercial Bank. After East-West's shares rose 55% on the news of the acquisition, Fraser sold her shares.
Fraser agreed to pay $91,530.36 to settle the charges.
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