U.S. Securities and Exchange Commission

LITIGATION RELEASE NO. 18312 / August 28, 2003

SECURITIES AND EXCHANGE COMMISSION V. RYAN D. EVANS AND PAUL A. GIANAMORE (United States District Court for the Northern District of Illinois, 02-C-0582).

Former Credit Suisse First Boston Employee Settles Insider Trading Case

The Commission announced today the entry of the final settlement of a civil injunctive action in the United States District Court for the Northern District of Illinois against Ryan D. Evans ("Evans") and Paul A. Gianamore ("Gianamore") for insider trading. Without admitting or denying the allegations of the Commission's Complaint, Gianamore agreed to pay disgorgement in the amount of $243,667.17, plus prejudgment interest in the amount of $52,717.26 for a total payment of $296,384.43. The Commission agreed to waive all but $17,046.98 of the disgorgement and prejudgment interest based on Gianamore's sworn representations to the Commission regarding his financial condition. Gianamore also agreed to entry of an order of permanent injunction, enjoining him from violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder.

Evans previously agreed to pay disgorgement in the amount of $243,667.17, plus prejudgment interest in the amount of $41,890.82 for a total payment of $285,557.99. The Commission agreed to waive all but $49,722.08 of the disgorgement and prejudgment interest based on Evans' sworn representations to the Commission regarding his financial condition. Evans also agreed to entry of an order of permanent injunction, enjoining him from violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder.

On August 21, 2003, the Court entered Final Judgment and Order of Permanent Injunction and other relief as to Gianamore. On October 22, 2002, the Court entered Final Judgment and Order of Permanent Injunction as to Evans.

The Commission's complaint alleges from in or about December 1999 to in or about August 2000, Paul Gianamore then a Credit Suisse First Boston Financial Analyst, tipped his friend Ryan Evans with material, nonpublic information regarding several publicly traded companies. Evans then traded in the securities of these companies while in possession of this information. Specifically, during the relevant time period, Credit Suisse First Boston's Chicago office ("CSFB Chicago") acted as a financial advisor to one of the parties of at least four merger or acquisition transactions. Through his employment at CSFB Chicago, Gianamore obtained nonpublic information about the mergers and acquisitions in issue before they were publicly announced. He then tipped Evans with the inside information. While in possession of this information, Evans purchased shares in companies shortly before an announcement of the merger or acquisition. In each case, Evans sold his shares shortly after the public announcement of the merger or acquisition, making approximately $243,667.17 from these four trades.

The Complaint sought the entry of an order of permanent injunction, enjoining Evans and Gianamore from violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder, as well as disgorgement, plus prejudgment interest and the imposition of a civil penalty.

http://www.sec.gov/litigation/litreleases/lr18312.htm