Executive is convicted of insider trading related to medical device firm acquisition
Tavlin illegally told a friend,
“The morning after the acquisition was announced, Farahan immediately sold all the stock he had purchased over the preceding weeks, which resulted in a combined profit of over
According to evidence presented at trial, the conspiracy included an agreement that Farahan would pay money to Tavlin in exchange for the nonpublic information about the acquisition.
Last week, a federal jury convicted Tavlin, 68, of one count of conspiracy to commit insider trading and 10 counts of securities fraud and aiding and abetting securities fraud.
Farahan, 57, pleaded guilty in
Sentencing hearings for both defendants were not immediately scheduled.
Another defendant was found not guilty of conspiracy to commit insider trading and securities fraud, prosecutors said.
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