Bel Air man guilty of insider trading

September 09, 2002|BY A SUN STAFF WRITER

The former head of a Harford County aerospace manufacturing firm who was accused of falsely inflating revenues, then cashing in hundreds of stock shares, pleaded guilty Friday in U.S. District Court in Baltimore to federal insider trading and conspiracy charges.

Edward A. Kiley, 53, of Bel Air, who headed Alcore Inc., faces up to five years in prison on charges of insider trading and conspiring to file false statements with the Securities and Exchange Commission.

Authorities said Kiley collected more than $33,000 in stock sales after inflating revenues in 1999 by $2.7 million.

Alcore's former chief financial officer, Richard Orzechowski, also has pleaded guilty to conspiring to file false SEC statements and is awaiting sentencing.

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