|  | | 2008 News and Press Releases | | |
SETTLEMENT NEWS:
Community Bancorp Head Settles Insider Trading Suit
Bailey Somers
Portfolio Media, New York. April 30, 2008
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EXCERPT: A former director of Community Bancorp and his son have agreed to pay over $100,000 to settle the U.S. Securities and Exchange Commission's civil suit accusing them of trading on insider information in the days leading up to the bank's acquisition of Valley Bancorp. Former Community Bancorp Director Charles Norton and his son Chad Norton have agreed to disgorge $38,433.72 in illegal trading profits and to each pay a civil penalty of $35,064.71 to settle allegations that they misused confidential information about the merger, the SEC said Tuesday. Both have been permanently enjoined from future violations of the Securities Exchange Act of 1934. Charles Norton has also been barred for five years from serving as an officer or director of a public company.
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