Valero worker''s spouse settles SEC case
October 18, 2005
The husband of a Valero Energy Corp. employee has agreed to pay more than $62,000 to settle civil charges that he improperly traded on information gleaned over dinner with his wife about the company''s plan to buy Premcor Inc., the Associated Press reports. The Securities and Exchange Commission announced the settlement with Robert Petrosky late Thursday. Petrosky was accused of buying Premcor shares in March and April, making almost $41,400 in profits by selling the stock when Valero announced the acquisition on April 25. Petrosky settled with the SEC without admitting or denying wrongdoing. A lawyer for Petrosky could not immediately be located for comment. The SEC said that Petrosky has agreed to give up his trading profits and to pay a civil penalty of almost $21,000. On Sept. 1, Valero Energy Corp. completed the acquisition and paid $8 billion for Premcor Inc. in cash and stock. It marked one of the largest acquisitions in the oil industry this year. Valero, which is based in San Antonio, Texas, is an independent refining and marketing company.