{"id":1661,"date":"2015-06-11T19:34:39","date_gmt":"2015-06-11T19:34:39","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/06\/two_stockbrokers_biotech_emplo"},"modified":"2022-03-22T14:25:35","modified_gmt":"2022-03-22T19:25:35","slug":"two-stockbrokers-biotech-emplo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/two-stockbrokers-biotech-emplo\/","title":{"rendered":"Two Stockbrokers, Biotech Employee Face Insider Trading Charges Related to Pharmaceutical Trials and A Merger"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission is charging three men with insider trading<\/a> in the stock and options of Ardea Biosciences Inc. Those charged included the company’s senior director of information technology Michael J. Fefferman, his brother in-law Chad E. Wiegand, and Akis C. Eracleous. Wiegand and Eracleous are stockbrokers. <\/p>\n

According to the regulator, Fefferman had knowledge of material nonpublic data and tipped Wiegand prior to public announcements about two pharmaceutical trials, the acquisition of Ardea Biosciences by AstraZeneca PLC, and a licensing agreement for a cancer drug.<\/p>\n

The Commission said that the insider trading happened from 4\/09 to 4\/12. SEC Philadelphia Regional Office Director Sharon B. Binger said that Fefferman breached his duty to his company’s shareholders when he shared confidential information about the important corporate events before the news was made public. She accused Eracleous and Wiegand of taking unfair advantage of the investing public by using this information to trade before others had access to the same knowledge. <\/p>\n

Wiegand purportedly used the tip to buy stock in Ardea using different customer accounts. He then allegedly tipped Eracleous so he could do the same. The alleged insider trading generated about $530K in profits.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is charging three men with insider trading in the stock and options of Ardea Biosciences Inc. Those charged included the company’s senior director of information technology Michael J. Fefferman, his brother in-law Chad E. Wiegand, and Akis C. Eracleous. Wiegand and Eracleous are stockbrokers. 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