June 26, 2018 / 2:05 PM / 3 months ago

SEC accuses three of insider trading in Sherwin-Williams/Valspar deal

NEW YORK, June 26 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday charged three people with insider trading ahead of Sherwin-Williams Co’s March 2016 announcement that it had agreed to buy Valspar Corp.

Sebastian Pinto-Thomaz, an analyst at a major credit rating agency, was accused of tipping his friends Abell Oujaddou and Jeremy Millul after learning about the acquisition. The SEC said Oujaddou and Millul then made about $300,000 of illegal profit by trading Valspar securities.

The lawsuit was filed in the U.S. District Court in Manhattan. (Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama)

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