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SEC Charges Kinnelon, N.J., Plastics Executive with Insider Trading.
Byline: Kathleen Lynn
Apr. 23--A plastics executive from Kinnelon was accused Thursday of making about $1.8 million for himself, his friends, and his relatives through illegal insider trading.
The Securities and Exchange Commission accused Alfred S. Teo Sr., the 57-year-old owner of Alpha Industries in Lyndhurst, of buying stock in two companies in 2000 and 2001 after he got inside information that they might be taken over. He also is accused of tipping off friends, relatives, and even his yacht builder about the possible takeovers.
"Mr. Teo didn't do this once; he did it twice," said Kay L. Lackey, assistant regional director for enforcement of the SEC. "He didn't just tip one person; he tipped a bunch.
"He really became a serial tipper and insider trader."
Neither Teo nor his lawyer returned calls seeking comment.
The SEC lawsuit, filed in U.S. District Court in Newark, also names as defendants the associates who allegedly benefited from Teo's tips, including New Jersey residents Teren Seto Handelman of Montclair, Philip Sacks of Englewood, Mitchell L. Sacks of Demarest, Lawrence Rosen of Old Tappan, John D. Reier of Montville, and Mark J. Lauzon of Flemington.
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