A firm was accused of disguising a takeover plan.

The Securities and Exchange Commission said First City Financial Corp. and Marc Belzberg, a company vice president, intentionally delayed filing a required report last March to disguise a takeover bid for Ashland Oil and to save money on Ashland stock purchases. The SEC asked in a lawsuit that First City return the undisclosed sum it allegedly made from hiding its holdings. The Kentucky oil company’s stock price surged after First City disclosed its stake, greatly boosting the raider’s profit when Ashland bought back its stock in April. First City is the principal holding company of the Belzbergs, a wealthy Canadian family known for its corporate raids.