When biotech executive Matthew Panuwat bought options on a rival drug company’s stock, he earned a hearty sum of $120,000. But the SEC says he committed insider trading, even though he didn’t buy his employer’s stock and was not privy to inside information about the company on which he bet.
SEC puts concept of ‘shadow insider trading’ to test in court action
Biotech executive Matthew Panuwat bought options on stock of another company he was not privy to inside information about. Was it insider trading?