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IBM UK executive stands accused of insider trading

An executive with IBM UK has been accused of insider trading by the US regulator, but the inside information relates to NCR and an American IT company.
Written by Ron Coates, Contributor

An executive with IBM UK has been accused of insider trading by the US regulator, but the inside information relates to NCR and an American IT company.

The US Securities and Exchange Commission yesterday filed suit against Stephen Cowley in a Manhattan federal court. The regulator said it has tapes from stockbrokers Salomon Smith Barney of conversations with Cowley, who made $127,000 on two share and option deals in 4Front Technologies. Cowley, who lives in Surrey, is alleged to have bought the shares and options three weeks before NCR announced a takeover of 4Front, a London-based help-desk operator, and to have sold them immediately after the announcement. Neither IBM nor NCR would comment.
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