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Arrest Made Over Insider Trading

Fri, 01/25/2013 - 6:42pm

A Florida man faces insider trading charges in New Jersey for allegedly tipping off two people to a company acquisition.

New Jersey's U.S. Attorney announced the arrest of 37-year-old Kevin Dowd of Boca Raton on a charge of conspiracy to commit securities fraud.

Prosecutors say Dowd used his position at the Florida office of an unnamed global wealth management firm to profit from a tip that Gilead Science Inc. was buying New Jersey-based Pharmasset Inc.

Dowd allegedly told two co-conspirators about the upcoming deal, which prosecutors say Dowd learned about from a customer.

Prosecutors say the alleged co-conspirators netted more than $700,000 buying stock before the $11 billion acquisition.

They allegedly paid Dowd $35,000 for his part in the plan.

Date: January 25, 2013
Source: Associated Press

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