'The butler did it' says SEC

27 September 2006

The US Securities and Exchange Commission (SEC) has filed a lawsuit in a federal court, alleging that, in the illegal stock trading case involving millionaire Robert Sillerman, it was the butler who did it.

According to the SEC, Graham Lefford, the butler to Mr Sillerman, a successful television producer, was able to illegally make $48,525 by buying shares in a company he knew his boss would be investing in.

It is alleged that Mr Lefford became aware that his boss was intending to purchase a stake in Elvis Presley's estate.

Just minutes after faxing through the signed contract on behalf of Mr Sillerman, he was able to buy a $600 share in the company used to purchase the stake, just before the $100 million purchase caused the share price to shoot up by over 9,000 per cent.

Commenting on the case, the SEC's David Rosenfeld told Bloomberg News: "It's certainly an unusual set of facts – he's a butler and it involves Elvis."

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