SEC Settles NJ Insider Trading Case Against Fla. Lawyers
The U.S. Securities and Exchange Commission has settled with two Florida lawyers and three other people charged with engaging in insider trading of stock in Princeton drug company Pharmasset before it was bought by Gilead Sciences Inc. in 2011.
September 29, 2015 at 11:11 AM
4 minute read
The U.S. Securities and Exchange Commission has settled with two Florida lawyers and three other people charged with engaging in insider trading of stock in Princeton drug company Pharmasset before it was bought by Gilead Sciences Inc. in 2011.
Attorneys Robert Spallina and Donald Tescher were among five people charged in federal court in Trenton on Sept. 28 with insider trading in advance of the sale of Pharmasset.
The same day, the SEC announced a settlement with the five defendants. The terms of the agreement, which calls for the defendants to return the entire amount of their profits from the insider trading—about $234,000, plus prejudgment interest—and to pay another $234,000 in penalties, are subject to a judge's approval.
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