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Pass the biotech bucks
Brokers and others allegedly involved in insider-trading ring
The U.S. Attorney released a criminal complaint, and the Securities and Exchange released a civil one yesterday (August 11) about a ring of insider traders who allegedly made fat profits on insider trading in the stock of biotech Ardea Biosciences. Ardea is now owned by AstraZeneca, a major pharmaceutical.
According to the SEC, stockbroker Paul Rampoldi and his client Scott Blythe III raked in $90,000 in illicit profits trading on insider information about San Diego biotech Ardea Biosciences. According to the SEC, Rampoldi and Blythe got information on Ardea's deal to license a cancer drug, and, later, about its purchase by a major pharmaceutical company AstraZeneca.
According to the SEC, the source of the information was Michael Fefferman, senior director of information technology at Ardea. He tipped his brother-in-law, Chad Wiegand, in advance of public announcements. Wiegand, a stockbroker, made a bundle on the unannounced information. He passed the information to another broker, Akis Eracleoous, who passed it to another broker, Rampoldi, who passed it to a client, Blythe, who bought Ardea options on a Friday for $5000 and sold them the following Monday for $88,000.
Blythe then allegedly withdrew more than $40,000 in cash so he could secretly deliver their portion of the loot to Rampoldi and Eracleous. The SEC earlier charged Fefferman, Wiegand, and Eracleous for their roles.
Here's something you might be interested in.
Pass the biotech bucks
Brokers and others allegedly involved in insider-trading ring
Pass the biotech bucks
Brokers and others allegedly involved in insider-trading ring
The U.S. Attorney released a criminal complaint, and the Securities and Exchange released a civil one yesterday (August 11) about a ring of insider traders who allegedly made fat profits on insider trading in the stock of biotech Ardea Biosciences. Ardea is now owned by AstraZeneca, a major pharmaceutical.
According to the SEC, stockbroker Paul Rampoldi and his client Scott Blythe III raked in $90,000 in illicit profits trading on insider information about San Diego biotech Ardea Biosciences. According to the SEC, Rampoldi and Blythe got information on Ardea's deal to license a cancer drug, and, later, about its purchase by a major pharmaceutical company AstraZeneca.
According to the SEC, the source of the information was Michael Fefferman, senior director of information technology at Ardea. He tipped his brother-in-law, Chad Wiegand, in advance of public announcements. Wiegand, a stockbroker, made a bundle on the unannounced information. He passed the information to another broker, Akis Eracleoous, who passed it to another broker, Rampoldi, who passed it to a client, Blythe, who bought Ardea options on a Friday for $5000 and sold them the following Monday for $88,000.
Blythe then allegedly withdrew more than $40,000 in cash so he could secretly deliver their portion of the loot to Rampoldi and Eracleous. The SEC earlier charged Fefferman, Wiegand, and Eracleous for their roles.
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