SECURITIES AND EXCHANGE COMMISSION
Northeast Regional Office
New York, New York

LITIGATION RELEASE NO. 16542 / May 8, 2000

SECURITIES AND EXCHANGE COMMISSION V. ROBERT HUNTER, EDWARD R. DUDLIK, JR., THOMAS F. GOLDMAN, W. KENNETH GREENWOOD, JOSEPH MCKEON, KATHY NAUMANN, BENJAMIN PAUL, THOMAS B. PILEGGI, JOHN ROSE, JOHN ROSE, JR., RAYMOND F. WHITE, AND H. CONSTANCE NEFF AS RELIEF DEFENDANT, CIVIL ACTION NO. 97-cv-4621 (E.D. Pa.) (Bartle, J.)

The Securities and Exchange Commission announced that on May 5, 2000 the United States District Court for the Eastern District of Pennsylvania entered a final consent judgment of permanent injunction and other relief against defendant Raymond F. White in this insider trading case. According to the Commission's complaint, filed on July 16, 1997, White, a registered representative at Bryn Mawr Investment Group, Inc., learned that CoreStates Financial Corp. had made an acquisition proposal to acquire Independence Bancorp, Inc. ("INBC"), from Robert Hunter, White's client of 25 years and an INBC director. Hunter, who pled guilty to securities fraud, previously settled with the Commission.

White purchased 1,600 INBC shares prior to the announcement of the merger agreement between INBC and CoreStates on November 19, 1993. He sold these securities after the announcement for a profit of $7,900. White solicited trades in INBC from his clients, who profited by a total of $29,512.50. White also profited by $15,813.89, the amount of commissions on his clients' purchases.

Without admitting or denying the allegations in the complaint, White consented to the entry of a final judgment of permanent injunction against future violations of the antifraud provisions of the federal securities laws, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. White agreed to disgorge his trading profits, an amount equal to his clients' profits, and his trading commissions relating to his clients' trades, plus prejudgment interest thereon. Because of White's demonstrated inability to pay, payment beyond $5,000 was waived and a penalty was not imposed.

http://www.sec.gov/litigation/litreleases/lr16542.htm