SEC charges Ameriprise financial adviser with insider trading

Agency says Timothy McGee illegally profited from information he obtained at AA meetings

Healthy lifestyle tips aren’t the only thing Timothy McGee received at Alcoholics Anonymous (AA) meetings. The Ameriprise Financial Services financial adviser also obtained insider information that helped him and his acquaintances reap nearly $2 million in illicit profits.

Yesterday, the Securities and Exchange Commission (SEC) charged McGee with insider trading, saying he used information from a fellow AA attendee who was an executive of the Philadelphia insurance company Philadelphia Consolidated Holding Corp. to profit off of the company’s $4.7 billion takeover in July 2008.

Ashley Post

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