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Gang of doctors busted for insider trading

Posted: July 10, 2012 |   Comments

Five doctors have agreed to pay $1.9 million to settle U.S. Securities and Exchange Commission civil charges that they conducted insider trading in shares of a medical professional liability insurer that was preparing to be sold.

The SEC said Apparao Mukkamala routinely tipped the other doctors in 2010 about confidential details of the sale process for American Physicians Capital Inc ("APCapital"), where he had been chairman at the time.

It said the other doctors bought nearly $2.2 million of the East Lansing, Michigan-based company's stock between April 30 and July 7, 2010, based on the tips, and that Mukkamala himself bought shares through a charitable organization where he was president.

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