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SEC: Illegal stock trades before Dow-Rohm '08 deal
Monday - 7/1/2013, 6:50pm EDT
MIDLAND, Mich. (AP) -- Federal regulators say an executive at Michigan-based Dow Chemical tipped a Texas pal about the company's 2008 takeover of Rohm & Haas.
The Securities and Exchange Commission filed a lawsuit Monday against then Dow Vice President Mack Murrell (Mur-REL'), his friend David Teekell of Tomball, Texas, and a stockbroker.
The SEC says Teekell netted more than $500,000 by buying Rohm & Haas stock before Midland-based Dow announced a takeover five years ago.
The government says the information came from Murrell. It says he got it from his girlfriend, who worked for Dow's chief financial officer. They're now married.
Dow declined comment. Murrell resigned in March. Messages seeking comment were left for Murrell and Teekell.
The SEC is seeking at least $374,000 from Raymond James Financial Services, where trades were made.
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