CHARLOTTE, N.C. — Andrew Murray, U.S. Attorney for the Western District of North Carolina, says Eric Hill, 44, faces charges of insider trading.
A criminal indictment says Hill committed insider trading based on nonpublic information about a proposed acquisition of Piedmont Natural Gas Company by Duke Energy Corporation between October 13th and the 16th of 2015, according to a news release.
Court officials say Hill misused information he got from an employee, at a consulting firm that provided services to Piedmont, to conduct a series of security transactions before and after the announcement of the acquisition of Piedmont by Duke Energy.
The indictment says Hill gained over $380,000 as a result of his illegal insider trading, according to a news release.
Court officials say Hill is charged with fraud for buying and selling securities, and faces a maximum of 20 years in prison and a $5 million dollar fine.
Hill is also charged with seven counts of securities fraud, which could send him to prison for up to 25 years and a fine of $250,000 per count, according to a news release.
The indictment was returned by a grand jury last week and unsealed on September 25th after Hill’s initial court appearance, according to a news release.
Court officials say the Securities and Exchange Council announced a separate civil action case against Hill filed by the U.S. District Court in the Western District of North Carolina.
An indictment is just an allegation, and Hill is presumed innocent unless proven guilty beyond reasonable doubt.
