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Subject: N.Y. Lawyer Is Fined in 'Insider' Case; Partner in Firm Settles SEC Charges<By
Date: Fri, 30 Oct 92 04:28:31 EST
Message-ID: <55.1992Oct30.042831@AmeriCast.com>

N.Y. Lawyer Is Fined in 'Insider' Case; Partner in Firm Settles
SEC Charges<By David S. Hilzenrath=Washington Post Staff Writer=

A New York lawyer has agreed to pay about $88,000 to settle
charges that he illegally bought and sold stock in a Richmond
company on the basis of inside information, the Securities and
Exchange Commission said yesterday.

Without admitting or denying guilt, Henry A. Singer, 54, a
partner in the law firm Morrison, Cohen, Singer & Weinstein, also
accepted an injunction by the U.S. District Court in Manhattan
prohibiting him from committing securities fraud in the future.
The settlement was a reminder that long after Ivan Boesky, Micha-
el Milken and other famous financial manipulators were sent to
prison, the SEC still is pursuing insider trading cases stemming
from the frenzy of 1980s corporate buyouts.

 The SEC alleged that Singer, a Harvard Law School graduate, had
confidential information in 1987, when he bought shares of
manufacturer WearEver-ProctorSilex Inc.,  that management was
trying to buy the company.  The agency said he got the informa-
tion in one instance from a client on the WearEver board of
directors and later through his service as legal adviser to a
special committee of the board of directors that was seeking
buyout offers.  Singer agreed to give up the $34,050 profit from
his alleged illegal trading, plus interest, which will be used to
compensate investors who lost money on those transactions, SEC
lawyer Kevin P. O'Rourke said. He also agreed to pay a $34,050
penalty.



Singer was away from his office yesterday afternoon and could not
be reached for comment. His lawyer did not return two calls.
"After fighting this thing for over four years, he finally decid-
ed to put it behind him without admitting any of the commission's
allegations, and the firm supports him 100 percent," said Robert
Stephan  Cohen, managing partner of Singer's law firm.



02:37 10-30C9999-----

Copyright 1992, The Washington Post.  This story is from the
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