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SEC probes trades by insiders at TEP
The Securities and Exchange Commission is investigating some current and former officers and board members of Tucson Electric Power Co. on allegations of insider trading, company officials have confirmed.
The federal agency is reviewing stock sales made last year by a number of TEP officials, including Einar Greve, former chief executive officer and chairman of the board. Company publicist Barry Burdett says the company will not comment on the inquiry, other than to say it is cooperating with the investigation.
An attorney for Greve says he expects his client will be cleared of any wrongdoing.
The investigation comes as TEP and some its officers and board members are being sued in more than a dozen legal actions by shareholders. The latest lawsuit, filed last week in U.S. District Court in Phoenix by Anna and Ross O'Brien, contends …