{"id":1960547,"date":"2023-06-29T16:00:02","date_gmt":"2023-06-29T20:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-charges-former-pfizer-employee-for-insider-trading\/"},"modified":"2023-06-29T16:01:21","modified_gmt":"2023-06-29T20:01:21","slug":"sec-charges-former-pfizer-employee-for-insider-trading","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-charges-former-pfizer-employee-for-insider-trading\/","title":{"rendered":"SEC accuses ex-Pfizer worker of insider trading."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-charges-former-pfizer-employee-for-insider-trading%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1960547&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Pfizer\u2019s Paxlovid. (Photo by Joe Raedle\/Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s\u00a0<a href=\"https:\/\/www.oann.com\/tag\/brooke-mallory\">Brooke Mallory<\/a><br \/>12:55 PM \u2013 Thursday, June 29, 2023<\/h2>\n<p>The U.S. Securities and Exchange Commission has now charged a former Pfizer employee with alleged insider trading after he gained 2,458% by buying out-of-the-money call options one day before the company\u2019s Paxlovid drug announcement.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Former Pfizer statistician Amit Dagar and his business partner, Atul Bhiwapurkar, <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-123\" target=\"_blank\" rel=\"noreferrer noopener\">were charged<\/a> in connection with the company\u2019s November 5<sup>th<\/sup>, 2021, announcement that a randomized, double-blind study of Paxlovid, the company\u2019s COVID-19 antiviral treatment, had been successful, which sent the stock up nearly 11%. <\/p>\n<p>The investigation was initiated by the SEC\u2019s Market Abuse Unit\u2019s Analysis and Detection Center, which employs data analysis technologies to discover abnormal trading patterns.<\/p>\n<p>Dagar was a senior statistical program lead for the Paxlovid medication study, which began in July 2021 as part of Pfizer\u2019s attempts to combat the worldwide virus, according to the SEC\u2019s lawsuit. The complaint noted that Dagar learned crucial, non-public information regarding the trial\u2019s results the day before the Paxlovid announcement. <\/p>\n<p>The SEC claims that Dagar\u2019s superior informed him through a conversation that they \u201cgot the outcome,\u201d and how there was \u201ca lot of work lined up,\u201d and that a \u201cpress release\u201d would be issued sometime \u201ctomorrow.\u201d Dagar gleefully responded, letting him know the message was received.<\/p>\n<p>Dagar reportedly acquired short-term, out-of-the-money Pfizer call options, including options that expired the next day, and then tipped Bhiwapurkar, who also <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-charges-former-pfizer-employee-for-insider-trading\/\" title=\"SEC accuses ex-Pfizer worker of insider trading.\">purchased comparable call options<\/a> on Pfizer a few hours after that exchange.<\/p>\n<p>According to the complaint, Dagar\u2019s and Bhiwapurkar\u2019s trading earned them around $214,395 and $60,300 in unlawful gains, or one-day investment returns of 2,458% and 791%, respectively.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAs alleged in our complaint, Amit Dagar misused his access to confidential clinical trial results to enrich himself and his friend,\u201d said Joseph Sansone, Chief of the SEC\u2019s Market Abuse Unit. \u201cDagar and Bhiwapurkar allegedly leveraged this information by trading out-of-the-money call options to generate massive one-day returns. Thanks to our surveillance, the defendants must now face the consequences of their greed.\u201d<\/p>\n<\/blockquote>\n<p>The recent complaint was filed in the United States District Court for the Southern District of New York. It accuses both men of violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5. <\/p>\n<p>The SEC is also seeking injunctive relief, disgorgement with prejudgment interest, and additional civil penalties.<\/p>\n<p>On top of that, the United States Attorney\u2019s Office for the Southern District of New York has also filed criminal charges against Dagar and Bhiwapurkar. <\/p>\n<p>The SEC\u2019s ongoing investigation is led by Market Abuse Unit staff member Colby Steele, with help from Patrick McCluskey of the Market Abuse Unit\u2019s Analysis and Detection Center. It will be overseen by Paul Kim and Sansone.<\/p>\n<p>Charlie Divine and Steele will lead the SEC\u2019s case, which will be overseen by James Connor. The U.S. Securities and Exchange Commission thanked the FBI and the U.S. Attorney\u2019s Office for the Southern District of New York for their help.<\/p>\n<p>Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here.\u00a0<a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A Marine Corps veteran accused of the\u00a0chokehold death of a homeless man\u00a0pleads not guilty. One America\u2019s Rachel Acenas has that story.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with David Kallman<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Emerald Robinson<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Bob Bianchi<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) -Chinese food delivery giant Meituan said on Thursday that it is acquiring artificial intelligence (AI) company Light Year from its co-founder\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Australia\u2019s Medibank Private Ltd said on Thursday it was facing a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/apple-seeks-to-fend-off-eu-antitrust-charge-triggered-by-spotify-at-hearing\/\" title=\"Apple fights EU antitrust charge over Spotify complaint at hearing.\">fourth shareholder class-action lawsuit<\/a> over a cyberattack incident last\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Katie Paul NEW YORK (Reuters) \u2013 Meta Platforms\u2019 Oversight Board on Thursday called for the suspension of Cambodian Prime Minister Hun\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Gus Trompiz PARIS (Reuters) -French minerals group Imerys on Thursday announced plans to mine lithium in the UK and said the\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>is facing charges of insider trading by the U.S. Securities and Exchange Commission. Dagar allegedly made a profit of 2,458% by purchasing out-of-the-money call options just before Pfizer&#8217;s Paxlovid drug announcement.<\/p>\n","protected":false},"author":1866,"featured_media":1960548,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1960547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1866"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1960547"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1960548"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1960547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1960547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1960547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}