SEC accuses 3 of insider buying and selling in Sherwin-Williams/Valspar deal

SEC accuses three of insider trading in Sherwin-Williams/Valspar deal

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday charged three people with insider trading ahead of Sherwin-Williams Co’s (SHW.N) March 2016 announcement that it had agreed to buy Valspar Corp.

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

Sebastian Pinto-Thomaz, an analyst at a major credit rating agency, was accused of tipping his friends Abell Oujaddou and Jeremy Millul after learning about the acquisition. The SEC said Oujaddou and Millul then made about $300,000 of illegal profit by trading Valspar securities.

The lawsuit was filed in the U.S. District Court in Manhattan.

Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama

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December 01, 2018