Update: $600M insider trading fine is largest ever

Author: Paul Krzyzanowski, 03/16/13

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As a follow up to last month’s post describing how leaked information about an Alzheimer’s drug clinical trial led to the largest ever case of insider trading and destroyed the careers of Dr. Sidney Gilman, a well-respected clinician, and Matthew Martoma, a young stock trader, the Securities and Exchange Commission has just levied the largest ever settlement against the funds involved. $275 million in illegal profits will be repaid together with a $275 million penalty and another $52 million in interest, totalling $602 million in fines. Gilman has agreed to pay more than $234,000 in fines.

There’s a lot more news coverage here, here,  and here.

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Paul Krzyzanowski

Paul is a computational biologist and writer living in Toronto. He's been a contributor to Signals for three years, writing articles for the general public about how biotechnology and biomedical research can be used to solve pressing medical problems. Alongside Paul's experience in computational biology,
 bioinformatics, and molecular genetics, he's interested in how academic research develops into real world, commercial technology, and what's needed for the Canadian biotech industry needs to grow. Paul is currently a Post-doctoral Fellow at the Ontario Institute of Cancer Research. Prior to joining the OICR, he worked at the Ottawa Hospital Research 
Institute and earned a Ph.D. from the University of Ottawa, specializing in computational biology. And finally, Paul earned an H.B.Sc. from the University of Toronto a long time ago. Paul's blog can be read at www.checkmatescientist.net
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