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.
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.
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