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Gerdau Ameristeel board member fined for insider trading

A board member with Gerdau Ameristeel's parent company faces a fine of $166,331 on charges of insider trading. Carlos Petry served on the board in May 2007 when he learned Gerdau Ameristeel was interested in buying Texas-based Chaparral Steel Co. The information had not been released to the public. Between June 25 and June 27 of that year, Petry bought 8,500 shares of Chaparral. When Gerdau Ameristeel announced July 10 it would buy Chaparral, the closing price of the stock increased 11 percent, giving Petry a $105,044 profit, the SEC said. As part of a judgment against him, Petry is banned from serving as an officer of a public company for five years. Gerdau Ameristeel, based in Tampa, is the second-largest mini-mill steel producer in North America.

Gerdau Ameristeel board member fined for insider trading 10/02/08 [Last modified: Thursday, October 2, 2008 7:29pm]
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