Ex-BofA Banker Accused of Leaking $8.1bn Takeover Tip, Friend Made $18.5m

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The U.S. Securities and Exchange Commission has charged a former Bank of America investment banker with leaking confidential details of an $8.1 billion takeover of South Jersey Industries to a close friend. The friend allegedly used that inside information to purchase around $53 million worth of shares in the company. Once the acquisition was publicly announced, the friend reportedly pocketed $18.5 million in profits. Both the former banker and his friend have denied the insider-trading allegations. The two men now face legal proceedings following the SEC's action.

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