Industry News

LendingTree exec indicted for alleged insider trading

SVP charged with improperly disclosing information

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A top executive of financial services company LendingTree has been indicted on federal charges stemming from insider trading tied to the purchase of the company by USA Interactive in 2003, media reports said Tuesday. The indictment of the senior vice president, David Anderson, was filed under seal this month and was made public Monday when he appeared before a federal magistrate and was released on bond, reports said. The indictment alleges that Anderson improperly disclosed information to others that led them to purchase thousands of shares of Charlotte, N.C.-based LendingTree stock and options from April 30 to May 5, 2003, when the USA Interactive deal was announced, Associated Press reported. The indictment also accuses Anderson of trying to obstruct a Securities and Exchange Commission investigation into suspected wrongdoing, media reports said. "LendingTree has supported the authorities in every aspect of this investigation, and we take these allegations extremely seriously. Bas...