WASHINGTON (MarketWatch) -- The former chairman of Keefe, Bruyette & Woods Inc. has agreed to pay a $230,000 fine to settle insider-trading charges, the Securities and Exchange Commission said Tuesday.
James McDermott Jr. passed material nonpublic information to Kathryn Gannon, formerly an adult-film actress whose screen name was Marilyn Starr, about merger deals involving Central Fidelity Banks Inc., Advanta Corp., Barnett Banks Inc., First Commerce Corp., California State Bank and First Commercial Corp., the SEC said.
The SEC's complaint said Gannon made illegal profits of at least $88,135 by trading on the securities of the companies involved.
The U.S. District Court for the Southern District of New York, after reviewing her finances, spared Gannon of financial penalties, according to a written statement by the SEC.
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