An executive was charged with insider trading.
The Securities and Exchange Commission accused Anthony M. Franco, chairman of a Detroit public relations firm, of buying 3,000 shares of the stock of Crowley, Milner & Co. after learning of “non-public information relating to negotiations concerning a proposed acquisition of Crowley by the Oakland Holding Co.†The SEC said Franco had learned of the proposed acquisition “by virtue of his position as Crowley’s public relations consultant.†Without admitting to any wrongdoing, Franco signed a court order barring him from future violations of federal securities laws.
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