Ex-Phlow ex­ec, cousin ar­rest­ed in Ko­dak in­sid­er trad­ing scheme

A for­mer phar­ma­ceu­ti­cal com­pa­ny ex­ec­u­tive and his cousin were ar­rest­ed Thurs­day morn­ing for an in­sid­er trad­ing scheme based on a Covid-re­lat­ed con­tract.

A DOJ an­nounce­ment de­tailed the charges to­day, ac­cus­ing the pair of “mul­ti­ple counts of se­cu­ri­ties fraud and con­spir­a­cy to com­mit both wire fraud and se­cu­ri­ties fraud in con­nec­tion with a scheme to com­mit in­sid­er trad­ing,” ac­cord­ing to the US At­tor­ney’s Of­fice for New York’s South­ern Dis­trict. The pair had al­leged­ly made more than $1.2 mil­lion in prof­it from trad­ing Ko­dak shares with knowl­edge of a fed­er­al con­tract.

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