Ex-Rite Aid VP Made Inside Trades During Merger, SEC Says (1)

A former vice president in Rite Aid Corp.'s compliance department avoided more than $140,000 in losses when he traded on inside information during a planned merger with Walgreens Boots Alliance Inc., the SEC told a federal court in Pennsylvania Thursday.

Steven J. Sheinfeld sold nearly $1 million worth of company securities when he learned the merger wouldn’t close by the expected date, according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the Middle District of Pennsylvania.

Sheinfeld “vigorously denies” the agency’s allegations, Amy Carver, who represents him, told Bloomberg Law.

“He is looking forward ...