SEC charges former Puma Biotech employee with insider trading

Reuters News
Posted: Sep 29, 2016 4:08 PM

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged a former employee of Puma Biotechnology with insider trading, and that the Justice Department was pursuing a parallel criminal case.

The SEC alleged that Robert Gadimian, who served as the senior director of regulatory affairs for the company, profited by $1.1 million by trading ahead of news announcements about a Puma breast cancer treatment drug.

It said Gadimian had admitted to the trading in an internal company investigation, and that he had allegedly tried to hide his tracks by altering his trading records.

(Reporting by Timothy Ahmann; Editing by Eric Beech)