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Federal securities regulators have charged a former Eastern Bank executive with insider trading for allegedly telling a golfing partner about an impending acquisition.
The Securities and Exchange Commission on Monday charged John Patrick O'Neill, a former executive at Eastern Bank, with telling his friend and golfing buddy Robert Bray, about Eastern's planned acquisition of Wainwright Bank & Trust Co. in 2010. The men were members of the same Watertown country club.
Authorities say Bray bought 31,000 shares of Wainwright, and then sold them once the acquisition became public for twice the price, making a profit of nearly $300,000.
O'Neill also faces separate criminal charges. He was arrested Monday and released on $200,000 bond.
Lawyers for the men did not return messages.