The U.S. Securities and Exchange Commission is accusing an Estonian investment bank and two of its employees with gaining access to more than 360 press releases on U.S. companies from distribution service Business Wire Inc. before public release.

The head of Business Wire said the SEC's charges were unfounded, and that no one could gain illicit access to Business Wire's system.
The SEC's lawsuit, filed in the Southern District of New York, claims investment bank Lohmus Haavel & Viisemann of Tallinn, Estonia, and Estonian employees Oliver Peek and Kristjan Lepik made at least $7.8 million from illicit trades based on fraudulently obtained press releases.

LHV didn't immediately respond to an e-mail seeking comment.

Business Wire President Cathy Tamraz denied Tuesday that anyone had been able to access confidential press releases.

"There are blatant inaccuracies in the SEC's complaint," Tamraz said. "At no time did anyone access confidential press releases."

The SEC says the scheme began in January 2005 and the defendants accessed Business Wire's secure Web site as recently as Oct. 28.