Mayor of Kentucky town settles civil charges of insider trading
May 14 (Reuters) - A lawyer previously employed at a corporate law firm who now serves as mayor of Fort Mitchell, Kentucky, has agreed to pay nearly $118,000 to resolve civil charges of insider trading by the U.S. Securities and Exchange Commission.
In an order issued Tuesday, the SEC said Christopher Wiest in 2010 bought InfoLogix Inc stock based on inside information that the company was about to be bought by Stanley Black & Decker Inc.
Wiest had worked on the deal while at a law firm retained by Stanley Black & Decker, the SEC said. He subsequently began buying stock in InfoLogix, a provider of mobility solutions for healthcare and commercial industries, the SEC said.
After the $61.2 million deal was announced in December 2010, Wiest sold his remaining shares, earning $56,292, the agency said in an administrative order filed as part of the settlement.
Wiest, who agreed to pay $117,707 to resolve the case, neither admitted nor denied the allegations in the settlement.
Wiest's former law firm is not identified by the SEC. But court records show that during the period in question, he was a lawyer at Thompson Hine in Cincinnati, Ohio.
Sheila Turner, a Thompson Hine spokeswoman, confirmed Wiest had been an associate at the firm but declined further comment.
The SEC said Wiest lives in Kentucky where he is licensed as a lawyer. The only licensed lawyer in Kentucky with Wiest's name serves as the mayor of Fort Mitchell, which has a population of 8,207, according to 2010 U.S. Census records.
Wiest did not respond to requests for comment.
David Chase, his lawyer, in an email said his client "agreed to resolve this purely civil, administrative matter to move forward with his professional life and avoid a costly and protracted dispute with the agency."
In response to questions about Wiest's position as mayor, Chase said the case was "wholly irrelevant to any public offices that Mr. Wiest may hold and will not have any effect on any such matters." (Reporting by Nate Raymond in New York; Editing by Noeleen Walder and Grant McCool)