Securities traders and lawyers are closely watching the San Francisco case of Matthew Panuwat, the SEC’s first attempt to pursue so-called shadow trading.
In this Monday, Nov. 23, 2015, file photo, people walk past Pfizer World Headquarters in New York. Pfizer is buying San Francisco-based Medivation for $14 billion.A lawyer for the US Securities and Exchange Commission told a jury that a former biotech executive’s $120,000 windfall on a trade in a competing company’s stock was “like betting on a game when you know who’s going to win” because he knew the pending takeover of his firm would likely boost its rival.
It also underscores how Congress has never explicitly defined insider trading, leaving courts to decide when the SEC oversteps its authority. Panuwat’s attorney, Jack DiCanio, told jurors that the SEC won’t call any witnesses who have first-hand knowledge of why Panuwat made the trades that he did. DiCanio said Panuwat simply traded Incyte options because he believed they were undervalued.
The agency is arguing that Panuwat signed a confidentiality agreement that required him not to share or use information learned during his employment, as well as an insider trading policy that barred employees from profiting off material nonpublic information.
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