SiliconBeat

When Ciriaco “Eric” Rivor of Millbrae learned in mid-2007 that his company, the Corte Medera-based home furnishing retailer Restoration Hardware, was about to be acquired by a private equity firm at a “substantial premium”, the former finance vice president passed the confidential, non-public information to friends Emmanuel Axiaq of San Carlos, Calif., and Steven Lusardi of San Jose, according to allegations leveled by the Securities and Exchange Commission Tuesday. Rivor also told Emmanuel Axiaq to pass the information to his father, Francis Axiaq of Millbrae, according to the SEC complaint.

That last bit of advice was probably especially unwise, in retrospect. Read the rest of this entry »