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BATON ROUGE, LA (WAFB) -
A former executive of the
Shaw Group pleaded guilty Friday to insider trading that resulted in nearly a
million dollars in profits.
The US Attorney's Office -
Middle District reported Scott Zeringue, 48, of Baton Rouge, pleaded guilty to
one count of conspiracy to commit securities fraud. He faces up to five years
in prison, a $250,000 fine and three years of supervised parole. According to
documents, Zeringue was the vice president of construction operations for Shaw's
US Attorney Walt Green said Zeringue's
conviction was the result of an ongoing federal investigation into the use of confidential
information about Chicago Bridge and Iron Company (CB&I) acquiring the Shaw
Group. The public announcement of the merger was announced on July 30, 2012,
which caused Shaw's stock price to soar.
Officials said during Friday's
proceeding, Zeringue admitted to receiving confidential insider information
about the merger before the official announcement and passed the information on
to a family member. Officials added Zeringue passed on the information with the
understanding the relative would trade in Shaw stock based on that information.
Documents indicate the pair made more than $750,000 in profits.