AOL execs accused of insider trading

• Apr. 15, 2003

AOL/Time Warner has made more news again, but not the type of news they like.  Sources from the University of California and Amalgamated Bank’ Longview Collective Investment Fund charge that top executives pumped up the share price of AOL before the merger with Time Warner.

AOL co-founder Steve Case, Vice Chairman Ted Turner and Chief Executive Richard Parsons are all named in the allegations.  Filed in California courts yesterday, the suit claims that executives used many different “tricks” to inflate the value of AOL in order to hide other problems within the company.

This new allegation ties in with previous allegations of improper accounting practices, which we first told you about in a previous article.

There was no official AOL comment regarding these new charges.

Rob Sullivan
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