Former Congressman and Two Others Settle Insider Trading Charge (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission announced today settlements with former U.S. Rep. Christopher Collins, his son Cameron Collins, and Stephen Zarsky, all of whom were charged with insider trading and pleaded guilty to related criminal charges. The settlements, which are subject to court approval, bar Christopher Collins from serving as an officer or director of a public company and require Cameron Collins and Stephen Zarsky to disgorge the losses they avoided as a result of their insider trading. According to the SEC’s complaint, Christopher Collins tipped his son, who then tipped others to non-public negative trial results for a multiple sclerosis drug developed by Australian biotech company Innate Immunotherapeutics Ltd.
Greek Trader Tries to Duck Insider-Trading Arrest, Shield Assets (Bloomberg Law)
The Greek trader and restaurant owner charged in New York with making millions of dollars as part of an insider-trading ring is trying to protect his assets in the U.S. without risking arrest. Georgios Nikas, 54, was charged in October with trading shares of at least a dozen companies on illegal tips he got from other members of the ring. He owns a $6 million New York apartment and a chain of Greek restaurants, GRK Fresh Greek, according to prosecutors.
BCSC Settles Insider Trading, Tipping Case (Investment Executive)
A pair of British Columbia men have settled insider trading and tipping charges with the B.C. Securities Commission (BCSC). The regulator announced that it has entered into settlement agreements with George Boustani, who reportedly provided his friend Saad Hayek with information about his company’s financial results before they became public on five occasions. “Hayek used that information when he bought and sold shares of the company, and then paid Boustani some of his trading profits. By doing so, Hayek admitted that he contravened securities laws regarding insider trading,” the commission said.
Magellan Health Inc (MGLN) CEO, Magellan Rx Management Mostafa Kamal Sold $1.3 million of Shares (Guru Focus)
CEO, Magellan Rx Management of Magellan Health Inc., Mostafa Kamal, sold 16,766 shares of MGLN on 12/09/2019 at an average price of $78.72 a share. The total sale was $1.3 million. Magellan Health Inc provides managed healthcare business. It provides services to health plans, insurance companies, employers, labor unions and various governmental agencies. Magellan Health Inc has a market cap of $1.91 billion; its shares were traded at around $78.14 with a P/E ratio of 279.07 and P/S ratio of 0.27.
The President & CEO of SAGE Therapeutics (NASDAQ: SAGE) is Buying Shares (Analyst Ratings)
Yesterday, the President & CEO of SAGE Therapeutics (SAGE), Jeffrey Jonas, bought shares of SAGE for $481.5K. This recent transaction increases Jeffrey Jonas’ holding in the company by 15.95% to a total of $3.45 million. In addition to Jeffrey Jonas, 2 other SAGE executives reported Buy trades in the last month.
Cognex Corp (CGNX) CEO& President Robert Willett Sold $3.7 million of Shares (Guru Focus)
CEO & President of Cognex Corp., Robert Willett, sold 73,071 shares of CGNX on 12/09/2019 at an average price of $50.76 a share. The total sale was $3.7 million. Cognex Corp is a provider of machine vision products that capture and analyze visual information in order to automate tasks in manufacturing processes. Its products are used to automate the manufacture and tracking of discrete items. Cognex Corp has a market cap of $8.83 billion; its shares were traded at around $51.68 with a P/E ratio of 53.29 and P/S ratio of 12.08.