{"id":5950,"date":"2016-03-11T00:00:00","date_gmt":"2016-03-11T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/03\/florida_man_accused_of_insider"},"modified":"2016-03-11T00:00:00","modified_gmt":"2016-03-11T06:00:00","slug":"florida-man-accused-of-insider","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/florida-man-accused-of-insider\/","title":{"rendered":"Florida Man Accused of Insider Trading to Return Illegal Profits"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission announced this week that Jay Y. Fung, a Florida man accused of <a href=\"https:\/\/www.securities-fraud-attorneys.com\">insider trading<\/a>, has agreed to repay over $700K in illegal profits plus over $60K in interest that he made after he bought stock and call options in Pharmasset Inc. prior to its acquisition by Gilead Sciences. Fung made the trades after a friend tipped him about the pending deal.<\/p>\n<p>In addition to buying shares of Pharmasset, he passed the insider tip onto his business partner who bought options, too. That individual has not been charged nor has he been accused of knowing that the information that Fung gave him was non-public and privileged.<\/p>\n<p>Fung has since pled guilty in a parallel criminal case accusing him of conspiracy to commit conspiracy fraud. He could be facing up to five years in prison. His cooperation with authorities, however, will likely lessen his time under his plea deal.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/florida-man-accused-of-insider\/#more-5950\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission announced this week that Jay Y. Fung, a Florida man accused of insider trading, has agreed to repay over $700K in illegal profits plus over $60K in interest that he made after he bought stock and call options in Pharmasset Inc. prior to its acquisition by Gilead Sciences. Fung [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3760,3795,3761],"tags":[],"class_list":["post-5950","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Florida Man Accused of Insider Trading to Return Illegal Profits &#8212; Investor Lawyers Blog &#8212; March 11, 2016<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission announced this week that Jay Y. Fung, a Florida man accused of insider trading, has agreed to repay over $700K &#8212; March 11, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/florida-man-accused-of-insider\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Florida Man Accused of Insider Trading to Return Illegal Profits &#8212; Investor Lawyers Blog &#8212; March 11, 2016\" \/>\n<meta name=\"twitter:description\" content=\"The U.S. Securities and Exchange Commission announced this week that Jay Y. Fung, a Florida man accused of insider trading, has agreed to repay over $700K &#8212; March 11, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Florida Man Accused of Insider Trading to Return Illegal Profits &#8212; Investor Lawyers Blog &#8212; March 11, 2016","description":"The U.S. Securities and Exchange Commission announced this week that Jay Y. 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