CHARLOTTE, N.C. (AP) - A North Carolina actuary accused of insider trading ahead of a merger between two energy companies has been indicted on federal fraud charges.
Eric Hill, 44, of Charlotte, was charged with fraud in connection with the purchase and sale of securities and seven counts of securities fraud, according to a criminal indictment unsealed Friday.
He’s accused of making $380,000 from illegal trading based on confidential information he obtained before and after Duke Energy announced plans to purchase Piedmont Natural Gas Co. in 2015, the U.S. Attorney’s Office for the Western District of North Carolina said. The $4.9 billion sale was completed in 2016.
Hill received the information from an employee of a consulting firm working with Piedmont, prosecutors alleged.
Prosecutors did not say where Hill was employed at the time. Hill declined a request from The Charlotte Observer for comment, the newspaper said.
The U.S. Securities and Exchange Commission also filed a separate civil suit against Hill, according to a Friday announcement from the commission.
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