Ex-VP of Harman/Kardon parent company admits inside trade
NEW HAVEN, Conn. (AP) — A former executive of an audio-visual equipment company has pleaded guilty to insider trading.
Connecticut U.S. Attorney Deirdre Daly says 45-year-old Dennis Hamilton, of Norwalk, pleaded guilty to securities fraud Monday in New Haven.
Hamilton was vice president of tax at Stamford-based Harman International Industries Inc., which makes speakers and other equipment under brands including Harman/Kardon, Infinity and JBL.
The company allowed its directors to buy or sell Harman securities in the public market during a declared window. Authorities say in October 2013, outside the window, Hamilton received nonpublic information about Harman's financial results and then purchased Harman shares, gaining more than $130,000.
Hamilton was arrested on Feb. 5 and is scheduled to be sentenced June 10. He faces a maximum prison term of 20 years.