SEC alleges insider trading ring in deal for IcyHot maker

Securities regulators on Tuesday charged eight men with participating in an insider trading ring that made more than $500,000 on confidential information that French drugmaker Sanofi planned to buy the Tennessee-based maker of pain reliever IcyHot.

The Securities and Exchange Commission said a Georgia accountant, Thomas D. Melvin Jr, received confidential information in 2009 about the acquisition from a client who was on the board of directors at Chattem Inc and was seeking professional advice.