will pay $100,000 to settle charges related to an
insider-trading probe of five employees.
The company said it believes the SEC has concluded its investigation, which covered five "present or former" employees, non of whom was a member of executive management. The company agreed to the penalty after the agency asserted it might face liability under the "controlling person" provision of federal securities laws. Americredit neither admitted nor denied guilt.
The employees were alleged to have traded in Americredit shares in January 2002 while in possession of material nonpublic information about the company. Americredit said it cooperated fully with investigators and took "appropriate disciplinary action."
"AmeriCredit has recently adopted tighter restrictions for employees that trade in company securities, including the implementation of stricter trading blackout periods and defined trading windows for a broader group of employees," the company said.
The shares slipped 3 cents to $10.59 on Island after hours.