The Securities and Exchange Commission has announced that a group of golfers may have pocketed illegal profits on nonpublic information resulting in alleged illegal insider trading. There are also criminal charges pending. The allegations involve trading of shares of American Superconductor Corporation(AMSC), a technology company based in Massachusetts, based on insider information.
A federal grand jury on Friday indicted Eric J. McPhail of Waltham and Douglas A. Parigian of Lowell on criminal charges of conspiracy and securities fraud. The US Securities and Exchange Commission filed civil charges against Parigian, McPhail, and five friends on Friday.