Gannett Executive Resigns Following Insider Trading Allegations
ARLINGTON, Va. (AP) _ A Gannett Co. executive facing allegations of insider trading involving a New York bank has resigned from the media company.
Thomas J. Farrell, president of Gannett New Media group, stepped down effective Monday, Gannett spokeswoman Sheila Gibbons said Tuesday. Farrell was placed on administrative leave by the company last month.
He and five others were charged in early December with insider trading by the Securities and Exchange Commission, the federal agency that polices the securities markets.
The SEC alleged in a civil complaint that Farrell illegally gave friends and business associates inside information about a pending merger involving the Rochester Community Savings Bank, on whose board of directors he served. The commission said those tips yielded more than $410,000 in profits.
Farrell resigned as a member of the bank’s board shortly after the SEC’s action was disclosed.