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Track Data Insider trading lol

News for 'TRAC' - (=DJ SEC Charges Track Data CEO With Insider Trading >TRAC)

(This article was originally published Tuesday)

WASHINGTON (Dow Jones)--The Securities and Exchange Commission charged that Track Data Corp. (TRAC) Chairman and Chief Executive Barry Hertz and some of his relatives traded on inside information about the financial-services company in 2003.

Hertz sold company stock before Track Data announced big declines in revenue in the second and third quarters of 2003, avoiding losses when the stock price dropped on the news, the SEC said. The SEC claims Hertz bought shares for his sister's account in August 2003, knowing the company was about to announce its first-ever stock dividend. Track Data's stock price rose 19% when the dividend payment became public, producing a $13,000 profit for the sister's account, according to the SEC.

The SEC is seeking a court order to fine Hertz, force him to return trading profits, with interest, and bar him from serving as a corporate officer or director.

Hertz's attorney couldn't immediately be reached for comment.

-By Judith Burns, Dow Jones Newswires; 202-862-6692; [e-mail]

(END) Dow Jones Newswires

June 15, 2005 07:32 ET (11:32 GMT)- - 07 32 AM EDT 06-15-05