A Flint-area doctor who was chairman of an insurance company has been accused of illegal stock trading in the sale of American Physicians Capital in 2010.
Federal regulators filed a lawsuit Tuesday against Dr. Apparao Mukkamala, 66, of Grand Blanc and four other doctors who know him. The Securities and Exchange Commission says they bought more than $2 million of American Physicians Capital stock and sold it for a $623,000 profit after the company's sale was announced.
He's agreed to pay $631,000 to the government.
The SEC says Mukkamala illegally shared information about the anticipated sale of the company when no stock trades were to be made by insiders. He was chairman of East Lansing-based American Physicians Capital before it was acquired by The Doctors Co. of Napa, Calif.
A message seeking comment was left for Mukkamala.
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