Contact Us
Make My Homepage

Man Faces Insider Trading Charges Over NJ Company

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

Courtroom
Peter Dazeley, Getty Images

 

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

A message left for Dowd’s attorney was not immediately returned.

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 acquiring 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 and bought him a dock.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

Best of NJ 101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.