Former Office Depot COO charged with insider trading

New York -- A Monday report by Forbes said that former Office Depot COO Mark Begelman has been charged with profiting off confidential information.

The SEC leveed insider trading charges against Begelman for allegedly using confidential information for his own gain, concerning the upcoming acquisition of Bluegreen Corp. by BFC Financial Corp.

According to the report, Begelman learned of the acquisition through his membership in the World Presidents’ Organization, a group of current or former executives at major companies. He then is reported to have parlayed the information into over $15,000 in illicit trading gains when the acquisition was announced.  

Begelman had agreed to settle the charges, without admitting any wrongdoing, by disgorging the gains and paying a civil penalty in the amount of his gains.