Photo: Getty Images / Kevin Winters
The Securities and Exchange Commission (SEC) has charged film producer Mark Amin and five others in his family and circle of friends and business partners with insider trading in the stock of DuPont Fabros Technology (DFT)—of which Amin served on the board of directors. Amin, 61, owns production company Trimark Pictures and is credited as the producer and executive producer for more than 75 Hollywood films including “Frida,” “The Prince and Me,” “Eve’s Bayou” and four movies in the “Leprechaun” series. Until 2009, he was the vice chairman of Lionsgate (“Hunger Games,” “Saw”) after a merger with Trimark in 2000.
Among those charged include Amin’s younger brother Robert Reza, cousin Michael Mahmood Amin, long-time friend and business manager, Sam Saeed Pirnazar, Mary Teresa Coley, long-time friend of both Mark and Reza and business colleague of the latter, and Ali Tashakori, a general contractor involved in construction projects for Mark and Reza at the time.
According to a press release, the SEC has accused Amin of learning information about DuPont’s business expansion and sharing that with family, friends and colleagues for personal gain.
DuPont Fabros Technology, Inc., a real estate investment trust in Washington, D.C., develops and manages data centres maintaining computer servers for companies including Google, Facebook, Microsoft and Yahoo!
According to the release, Amin tipped off brother Reza Amin, cousin Mahmood Amin and Pirnazar with nonpublic information regarding three lease negotiations DuPont Fabros was acquiring to develop new facilities.
The three used the information to illegally trade and then shared their knowledge with both Coley and Tashakori. Together, the six earned more than $618,000 in profits after the expansion news was publicly made and DFT stock rose 36 per cent.
The six have agreed to settle the charges by paying nearly $2 million. Amin resigned from DuPont’s board in February of last year.
You can see the complaint filed by the SEC here.
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