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Prodigy, 21, about to become doctor
NEW YORK, April 27 (UPI) -- U.S. prosecutors in New York won't file insider-trading charges against former Senate majority leader Bill Frist for selling stock in a chain of hospitals.
The Washington Post reported Friday that the U.S. Attorney in the Southern District of New York and Securities and Exchange Commission ended an 18-month investigation that clouded Frist's last year in Congress.
Frist, R-Tenn., said in a statement that he "acted properly" and he had sold stock in from his trust accounts in the family-owned hospital chain to "eliminate the appearance of a conflict of interest," the Post reported.
"I've always conducted myself according to the highest ethical standards in both my personal and public life, and my family and I are pleased that this matter has been resolved," Frist said.
Frist's stock sale caught the eye of regulators because it occurred shortly before the stock's value tumbled. He was able to prove he sold the stock before he became aware of troubles at the company, the Post reported.
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