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Subprime lender AmeriCredit Inc. says it's censured five non-executive employees after an SEC investigation found they engaged in insider trading of the company's stock in January of 2002.
The Fort Worth, TX-based company says the “present or former” employees traded in shares of stock prior to release of quarterly financial results. The company paid a $100,000 penalty.
AmeriCredit, whose substantial losses in 2002 and early 2003 led to the resignation of CEO Michael Barrington, says it's adopted tighter restrictions for employees trading in company securities.
