- Posted July 12, 2012
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Doctor who led insurer sued over stock deals
GRAND BLANC, Mich. (AP) -- A Flint-area doctor who was chairman of an insurance company has been accused of illegal stock trading in the sale of American Physicians Capital in 2010.
Federal regulators filed a lawsuit Tuesday against Dr. Apparao Mukkamala of Grand Blanc and four other doctors who know him. The Securities and Exchange Commission says they bought more than $2 million of American Physicians Capital stock and sold it for a $623,000 profit after the company's sale was announced.
The SEC says Mukkamala illegally shared information about the company's anticipated sale when no stock trades were to be made by insiders. He's agreed to pay $631,000 to the government.
A message seeking comment was left for Mukkamala. East Lansing-based American Physicians Capital was acquired by The Doctors Co. of Napa, Calif.
Published: Thu, Jul 12, 2012
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