Dick’s Sporting Goods Inc. former Senior VP of Real Estate Joseph Queri, Jr. was slapped with a fine on Monday for insider trading stemming from the sporting good chain’s acquisition of Galyan’s Trading Company, Inc. in 2004.
According to SportsOneSource:
Queri is one of eight co-defendants fined $218,000 for violating the rules of the Securities and Exchange Commission for passing on word that Dick’s was about to acquire Galyan’s, allowing them to buy Galyan’s stock just before it increased in value by 50 percent prior to the acquisition, according to court documents.
Judge Arthur J. Schwab rendered the final judgment on Friday in the U.S. District Court for the Western District of Pennsylvania. The case was originally filed in September 2008.
Queri left the company in 2005.