In­sid­er trad­ing scam spurred by $11.2B Gilead deal earns a stretch in prison

A Flori­da man charged with in­sid­er trad­ing on a ma­jor Gilead deal has turned over all of his prof­its — and then some — on his way to a one-year sen­tence in prison.

Back in 2011, Jay Fung, 42, got a tip from a friend and ex-Mor­gan Stan­ley bro­ker Kevin Dowd about Gilead Sci­ences’ planned $11.2 bil­lion buy­out of Phar­mas­set. Ac­cord­ing to a Reuters sto­ry, Dowd had learned about the buy­out from a di­rec­tor at Gilead who was a cus­tomer at his branch.

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